Hi all, I find it helpful to find out how the market is affecting the CC companies' decisions on lending and interest rates. It seems this year that all the CC companies are raising interest rates on prime customers, and restricting lending habits to sub-prime customers. Does anyone have a good website for information on how the CC card companies are doing on a per quarter/year basis? Charge off rates? Number of new accounts? Creditsense (Herb) and VJ - where do you guys get those articles and reports on how the Financials are doing? Is there a site that consolidates all the information? Thanks much,
Marcy, I usually post this statistics from just reading. As far as I can tell, credit card issuers are not being affected. Usually in an environment of falling interest rates, as we are currently experiencing, financial institutions tend to do well. The reason is that they do not pass their savings to us the customers as fast as they get the benefits from the Feds lower rates. Have you visited ramresearch.com? They use to have valuable information. www.creditsense.com
Herb, Thanks a lot! That site took me to CardWeb.Com, which I had actually forgotten about, and it gave me some of the info I was looking for. Thanks again,
Marci, I disagree, banks, in these economic times, tend to watch almost helplessly as their profit spread on loans decreases as their default rates increase slightly.Rising default rates have a much larger negative impact on profits than the ability to modestly increase the spread on loans. VJ
