Credit Card Asset Quality Deteriorating
NEW YORK — Fitch Ratings said today that as we approach the midpoint of 2008, a weakened U.S. economy continues to exert pressure on the consumer, as observed through the continued deterioration of credit card portfolio performance. Issuer credit losses have approached, and in some cases surpassed, five-year historical averages and many management teams are [...]
Discover Profit Falls on Credit-Card Debts
Bloomberg — Discover Financial Services, the credit-card company spun off from Morgan Stanley, dropped 8.2 percent after saying more overdue payments from customers curbed second-quarter profit.
Income from continuing operations in the period ended May 31 fell 19 percent to $202 million, or 42 cents a share, from $250 million, or 52 cents, a year earlier, [...]