Balance Transfer Fees: Should You Expect to Pay More?
Traditionally, the defaults on credit card debts rise or fall with the unemployment rate. With the unemployment now at 8.5 percent, the highest in more than two decades, credit card companies are suffering from a surge in defaults. Bank of America, for example, has $182 billion in credit card loans as of December 31, 2008. From this figure, the bank had to write off $11.4 worth of balances.
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