A boiled Egg is hard to beat

Reuters reports that the Web bank Egg withdraws cards from riskier customers. The Citigroup owned bank, following a risk review, will withdraw credit cards from 161,000 of their customers.

The Credit Card Time Bomb Is Ticking Away

Cash strapped consumers are increasingly turning to charge cards and home equity lines to support consumption. Some Debt Trends Are Good. This Isn’t One of Them.

American credit card debt is growing at the fastest rate in years, a fact that may signal coming trouble for the banks that issue them.

The Federal Reserve reported this week that the amount of revolving consumer credit that is outstanding hit $937.5 billion in November, seasonally adjusted, up 7.4 percent from a year earlier. The annual growth rate has now been over 7 percent for three months running, the first such stretch since 2001, when a recession was driving up borrowing by hard-pressed consumers.