On Wed, 15 Apr 2009 09:17:18 -0500, Ken Fortenberry
wrote:

wrote:
http://www.cnbc.com/id/30226033

"In a regulatory filing Wednesday, the company said the annualized net
charge-off rate for U.S. credit cards -- debts the company believes it will
never collect -- rose to 9.33 percent in March from 8.06 percent in February."

Un-friggin'-believable...think about those numbers for a minute - a company that
issues credit figures into its working model that 1 in 13 (the 8% number)
borrowers are going to be gone, with no recourse or collateral to the lender...

And AMEX and Citigroup are leading the pack with uncollectables, at slightly
higher numbers...

Yeah, cry me a friggin' river. That's what the mother****ers get
for charging 30% interest on cards issued with 10% interest.

Um, no. That's what the mother****ers get for letting other mother****ers...or
in this case, CapitalOne****ers...have credit cards...

I don't know at what point the interest rate jumps, but it's generally due to
some form of default in payment terms by the consumer. If the consumer ran up
the charges to the point they couldn't pay the bill, that's on them, not the
issuer for raising the rate as per the agreement. OTOH, it's on Capital One,
etc., for having a business model that presumed any of this was sound
business...

Let these ****ers go under - the businesses and the consumers...

Sheesh,
R