Wednesday, November 5, 2008

credit car shoe finally dropping? Worldwide
Credit Card Bond Sales Plunge to Zero, First Time in 15 Years

By Sarah Mulholland

Nov. 5 (Bloomberg) -- Credit card companies were shut out of
the market for bonds backed by customer payments in October for
the first time in more than 15 years, as investors shunned the
debt amid the global credit freeze.

More problems if banks cannot securitize credit card debt. They will have to withdraw credit from another section of the economy.

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