With unemployment rising, companies modify, reduce debt
(NEWSER) - With unemployment nearing 10%, credit card companies are doing something once unheard of: forgiving debt, or modifying it in the customer’s favor, the Washington Post reports. Companies are loathe to discuss the practice, lest it inspire more delinquencies, but according to one industry report, roughly 3 million people got some kind of modification last year. “Issuers are looking to get something rather than nothing,” explains one analyst. More»
