Wednesday, June 17, 2009

Credit Bailout: Issuers Slashing Card Balances

by David Streitfeld
Tuesday, June 16, 2009

provided by
The New York Times

The banks were bailed out last fall, the automobile companies last winter. For Edward McClelland, a writer in Chicago, deliverance finally arrived a few days ago.

Mr. McClelland’scredit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and calling the matter even.............................

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