As Credit Card Use Rises, Many Face Red Christmas

From MarketWatch:

Here comes the credit-card crunch again. Consumers, and increasingly subprime borrowers, are taking on more debt and could find themselves slipping back into the black — or rather the red — hole of financial distress.  

“Banks want to lend,” says Steve Chaouki, group vice president for the financial services business unit of TransUnion, the credit-rating bureau. “And there isn’t much demand for credit from prime consumers.”

Apparently the first time around wasn't painful enough, as America's credit card balance runs to $857 billion.

Read more