U.S. credit card delinquencies reach all-time high following soaring job loss numbers
Consumers are increasingly failing to meet credit card payments as they battle high unemployment rates and a shrinking economy which has left many cash strapped. Delinquencies on the value of all card debt soared to a record 6.60 percent from 5.52 percent in the fourth quarter.
House of Representatives leader says US should be open to second economic stimulus
House of Representatives majority leader, Steny Hoyer said U.S. leaders should be open to the possibility of a second stimulus package to help the economy get out of the recession and back on track as the current recession continues to cause job losses. Last month employers shed some 467,000 jobs, which sent the unemployment rate up to 9.5 percent, the highest in nearly 26 years.
EU Ministers criticize bank capital rules
European Union finance ministers criticized the current bank-capital rules saying that it is pro-cyclical, saying it allows banks to shed reserves when the economy appears healthy and forces them to stockpile when the economy shows signs of risk.