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Lenders write off millions as bad debts rise nationwide
Delinquencies and defaults climb across credit markets prompting lenders from local credit unions to Chase Manhattan Bank to write off millions. The National Foundation for Consumer Credit says five to six of every 100 families face money trouble, possibly rising to 10 with recession and inflation. Mortgage foreclosures and total consumer debt have surged, while consumers resist paying old loans even as overall credit use climbs.
MENTIONED IN THIS ARTICLE
New York
Loca Credit Unions
Chase Manhattan Bank
New York City
National Foundation For Consumer Credit
The
Foundation