Credit card delinquencies are next. Those without jobs are maxing credit to pay bills and card companies are beginning to cut them off in an effort to cut their losses. Vicious cycle. No job, cut back spending, cut back spending causes more job cuts, perpetuating the cycle.
The article says the delinquency rate rose nearly 9% – but the rate itself is closer to 1%.
Credit card delinquencies are next. Those without jobs are maxing credit to pay bills and card companies are beginning to cut them off in an effort to cut their losses. Vicious cycle. No job, cut back spending, cut back spending causes more job cuts, perpetuating the cycle.