Banks cutting deals on consumer card debts

More credit card customers at top banks are finding they are really in the driver's seat when it comes to deals. A lot of credit card debt has been written off already, and most assume that a lot more is coming. That has banks apparently taking some extreme steps to salvage what they can.

The New York Times reports that more banks--the likes of HSBC and like Bank of America and American Express--are giving lower level employees the ability to cut deals. They call people at home, aiming to open a negotiation. One man featured in the article was able to cut his debt load in half; all he had to do was pay it off. This isn't necessarily a sign of desperation; it's more of a nod to reality. Of course, customers ought to think through the ramifications--it could really wreck a credit score. 

For more:
- here's the article

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