JP Morgan Says Losses on WaMu Credit Cards Could Reach 24%

I smell a “ahh I knew this was going to happen moment”. Almost like a kick in the face.  This article basically talks about the credit card loans that many banks are failing to collect. Hmm, I woornder why. This is to say and show how serious credit cad debt is. I mean banks offer all these special promotions to lure us into having a credit card, and feeding us to use it, but at the same time, knowing many people can’t afford to pay for what they actually spend. End result? A crash and a high percent of unable to collect.   

“At the end of the first quarter, 12.63 per cent of the WaMu credit card loans were deemed uncollectable by JPMorgan”.

My research paper was about finanicilization fashion along with credit card debt. This clearly shows that this hole capitalism created is actually suffering their own consequence. I mean I know it’s bad on a macro level, because this means as  country we are more in debt. But thinking of it in micro level, people should realize what they can spend and what they can’t afford. The piece of plastic doesn’t mean anything if you can’t pay for the bills.

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