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Article: Will Credit Cards Suffer a Subprime-Like Meltdown? Latest Experian/Gallup poll data show credit card payments vary significantly by age and income.(Survey)
- Article from:
- Gallup Poll News Service
- Article date:
- May 7, 2007
- Author:
CopyrightCOPYRIGHT 2007 Gallup Organization. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Dennis Jacobe
Synopsis: About half of consumers use their credit cards as a substitute for cash by paying the full amount of their bill each month, although the ability to do so varies significantly by age and income. Still, the key question for the months ahead is whether the credit card industry will experience a meltdown similar to that taking place in the subprime market.
PRINCETON, NJ -- As the subprime mortgage market experiences a meltdown and home equity loan and line underwriting standards tighten, it is likely that many borrowers may turn to their credit cards as an alternate source of liquidity. This possibility raises a number of ...