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Aug
31
Jennifer Lanouette over at Comscore is reporting news that I’m sure causes great happiness for Joe Biden and his family members — the Senator from Delaware and land ‘o credit card companies — and anyone else who is connected with the credit card industry.
Despite the recent credit crisis that has hit the mortgage markets, credit applicants are still seeking online credit card applications.
The downside of the good news — all of the action is from subprime borrowers (a 30% increase) who have been squeezed out of other credit markets while prime customers (a 15% decrease) have been fleeing online credit card applications during these days of economic unrest.
The question to be seen is whether the subprime borrowers will be able to keep up with their credit card payments, if they are approved for credit.
Disclaimer — I’m tangentally connected with the credit card industry.
Comments
2 Responses to “Subprime Action Switches To Credit Cards”
Chris, this is a crazy day today. RNC convention getting postposed, Gustav rolling into New Orleans … Sarah Palin news continuing to roll thru media
But I do appreciate your desire to point out another potential problem. Credit cards were one of the reasons that HELOC’s really got run up in the last five years of liberal mortgage lending.
Daltonsbriefss last blog post..Uncorking debate on the drinking age
Hi Steve,
There is a lot of news going on today during this holiday weekend. Palin was a coup and could be a game changer because she fires up the conservative wing of the party.
Also, keep an eye on Palin’s good government instincts to be compared to Obama’s rapid rise through the Chicago political scene without saying anything about some of things that go on in the Windy City. How can someone go from state senator to presidential candidate and not see or hear anything that is routinely in the Chicago newspapers.
The GOP did the right thing by not competing with Gustav for attention — maybe there will be a better result in New Orleans this time tomorrow also with the lessons learned from Katrina.
I just hope the storm doesn’t cause much damage to New Orleans. That’s the last thing that city needs after what happened last time.