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Credit card market a potential disaster-in-waiting.

By Faiz Shakir on February 29, 2008 at 9:36 pm

"Credit card market a potential disaster-in-waiting."

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A new report issued recently by the Center for American Progress warned that, “as borrowing in the mortgage market slows, credit card borrowing is accelerating — a dangerous trend because borrowers still face weak income growth. That means the credit card market could eventually run into the same problems that now afflict the sub-prime mortgage market. ” Tonight, NBC News reported that credit card debt is nearing a record $1 trillion. The piece noted there is a “credit card binge across the nation as people use their plastic to stay financially afloat.” Watch it:

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