Credit Cards: The Next Debacle
March 12, 2009 at 09:39 AM EDT
WSJ Meredith Whitney Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is underappreciated is the role of credit-card availability in that spending. Currently, there is roughly $5 trillion in credit-card lines outstanding in the U.S., and a little more…