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| Some Credit Card Companies Willing to Deal Over Debt |
| Monday, January 05,2009 06:30 AM |
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Given the economic climate these days, I guess I shouldn't be too surprised by this news.
That said, pretty amazing to hear that:
"Bank of America, for instance, says it has waived late fees, lowered interest charges and, in some cases, reduced loan balances for more than 700,000 credit card holders in 2008." and
"American Express and Chase Card Services say they are taking similar actions as more customers fall behind on their bills. Every major credit card lender is giving its collection agents more leeway to make adjustments for consumers in financial distress."
Not surprisingly, "Card companies will offer loan modifications only to people who meet certain criteria. Most customers must be delinquent for 90 days or longer. Other considerations include the borrower’s income, existing bank relationships and a credit record that suggests missing a payment is an exception rather than the rule."
You can check out the original article here: http://www.heraldtribune.com/article/20090103/znyt01/901033004
While this looks to be a consumer credit card phenomenon at the moment, I wonder how and if it will impact the business community and people who regularly use business credit cards?
Thoughts? Let us know!
Here's to a prosperous and safe new year!
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