Academic journal article ABA Banking Journal

Charles Osgood and the Credit Conundrum

Academic journal article ABA Banking Journal

Charles Osgood and the Credit Conundrum

Article excerpt

Hundreds of news sources picked up the news about worsening consumer credit trends reported by ABA's Consumer Credit Delinquency Bulletin this summer. But perhaps none did it with such style as Charles Osgood, the CBS Radio Network commentator. The following excerpt (Copyright 1996, CBS, Inc.) comes from The Osgood File, which is heard four times daily on the CBS Radio Network.

"The American economy's been going great guns, in fact, Wall Street has worried that maybe business has been too good, too much growth, too many jobs being created, certain sectors of the stock market too hot for comfort. They're afraid fireman Al Greenspan will come in with his federal interest-rate hose and soak everybody down.

"But now there is a new warning light that just came on. Fueling the booming economy has been the fact that a lot of American consumers have been buying stuff with credit cards, and the American Bankers Association now reports that the credit card delinquency rate in the first quarter of this year was the highest it has been since the fourth quarter of 1981, when there was a recession. Are your cards approaching the credit limits? A lot of people's are apparently and that is what the little red warning light is all about. …

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