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Credit Crunch: Coming to a Wallet Near You
December 17, 2008Casey Research today announced alarming new findings in the tightening of individual credit standards, which will impact Americans' Christmas shopping -- and the ability to make payments in 2009. According to a November report by the Federal Reserve, nearly 60% of banks severely tightened their lending standards on credit card loans and 65% on other consumer loans in the last three months. As unemployment and delinquency rates go up and lenders are trying to minimize their risk, the average American suddenly finds himself cash strapped. Full release
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