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Discover 2Q Income Falls 3.6% Amid Credit Woes


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http://online.wsj.com/article/BT-CO-20090618-710609.html

 

Charge-offs for the second quarter totaled 7.79% of Discover's credit card loans, up from 6.48% in the first quarter and 4.99% a year ago. Borrowers at least a month behind on their card payments totaled 5.08%, down from 5.25% in the prior quarter but up from 3.81% a year earlier.

 

"In the longer term, there will be adjustments in credit underwriting, pricing and a reduction in rewards programs," as card issuers seek to offset the loss in income from reduced fees, said Nelms during a conference call of the company's quarterly earnings with analysts and investors.
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http://online.wsj.com/article/BT-CO-20090618-710609.html

 

Charge-offs for the second quarter totaled 7.79% of Discover's credit card loans, up from 6.48% in the first quarter and 4.99% a year ago. Borrowers at least a month behind on their card payments totaled 5.08%, down from 5.25% in the prior quarter but up from 3.81% a year earlier.

 

"In the longer term, there will be adjustments in credit underwriting, pricing and a reduction in rewards programs," as card issuers seek to offset the loss in income from reduced fees, said Nelms during a conference call of the company's quarterly earnings with analysts and investors.

:lol: Yedgy its locked, and you can't access the full report without subscribing. Anywhoo, this might be why Discover is becoming twitchy!!! :P

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Not that I ever recommend reading the WSJ, but you can search for the title on Google and the link from Google will let you read the whole article.

That's exactly how I found it (Google News). Maybe they allow certain links through depending on the referring page?

 

The WSJ isn't so bad for me...I just avoid their opinion page. :D

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Not that I ever recommend reading the WSJ, but you can search for the title on Google and the link from Google will let you read the whole article.

That's exactly how I found it (Google News). Maybe they allow certain links through depending on the referring page?

 

The WSJ isn't so bad for me...I just avoid their opinion page. :o

 

Yes, certain partner referrals allow you to see the whole page. That method works pretty often if you find an article you like that wants you to subscribe to see the rest.

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