Comment on Huge credit card company halts ALL new lending

Huge credit card company halts ALL new lending

Huge credit card company halts ALL new lending

Advanta Corp., the issuer of credit cards for small businesses, will halt new lending for its 1 million customers next month as the recession causes a surge in loan defaults. ... Advanta said ... charge-offs, or uncollectible debt, reached 20 percent on some cards as of March 31. "We'll be shutting down accounts for future transaction activities,

 

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