Report: Whitney says Credit Cards are the Next Credit Crunch
[Nothing new in that headline per se, but Meredith Whitney gets into some interesting details, in my opinion.]
Prominent banking analyst Meredith Whitney warned that "credit cards are the next credit crunch," as contracting credit lines will lower consumer spending and hurt the U.S. economy.
Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is underappreciated is the role of credit-card availability in that spending," Whitney wrote in the Wall Street Journal.
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