Ballooning credit card debt and the inability of debt-laden consumers to make their payments have led to widespread defaults, a possible indicator that credit cards may become the next financial crisis, reports Time magazine (“With Defaults Rising, Is a Credit-Card Crisis Looming?” Nov. 14, 2008). (more…)

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The number of people claiming unemployment benefits climbed to a 16-year high, according to this week’s numbers from the Labor Department, further cementing fears that the jobless rate could jump from its current 6.5 percent to nearly 8 percent next year (more…)

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Citigroup Inc. lost $1.44 billion during the third quarter from credit card debt it packaged and sold as bonds, the financial services giant reported in a recent regulatory filing (more…)

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Nevada has the highest percentage of U.S. homeowners with mortgages that are currently “under water,” where the mortgage debt still owed exceeds the current estimated value of the home (more…)

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