Pantagraph.com | News | Banks asking for credit card debt forgiveness: "Americans are lumbering under about $900 billion in credit card debt, according to the latest available Federal Reserve figures. People who are in credit counseling, on average, carry seven cards. Many of the people now having trouble making their credit card payments are in a double or triple whammy: their mortgages or car loans also may be under stress. And for many, the torrent of envelopes bearing credit card offers at low initial rates - much like the old 'teaser' rates on subprime mortgages - has recently been replaced by more somber notices of crimped credit lines, hikes in interest rates or even accounts being closed as lenders tighten the reins to reduce their risk. The new proposal pitched to federal regulators by the Financial Services Roundtable, which represents more than 100 big banks and other financial companies, and the Consumer Federation of America, would allow lenders to reduce by as much as 40 percent the amount of credit card debt owed by deeply indebted consumers in a pilot program."
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Great. Now these folks will race out and charge more stuff.

Thanks to Fred Pilot for this link and the two that follow.