Bank of America’s credit card liabilities
Interesting to note the rise of credit card liabilities as a potential major issue for US financial services companies. Bank of America’s recently announced figures reveal that it is the credit card division that has trumped other losses in the business - including that incurred by having to pay back the US government some of its bailout money. This raises the question: is unsecured credit default the sting in the tail of the secured credit crisis?
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