- Green Member
- Posts: 6
- Joined: Fri Jun 27, 2008 8:40 pm
- Location: Michigan
Discover Financial Services has a number of positive qualities in light of the market turmoil. Reconsider before buying into energy which is still historically high. Due to weakened demand and new technologies it may not be the way to go at this time.
CHICAGO (Reuters) - U.S. credit card write-offs will continue to increase in 2009, tracking roughly with the rising unemployment rate, the top executive at Discover Financial Services said on Tuesday.
Nelms said Discover's charge-offs are "very favorable compared to the industry" as a whole, and below the "unacceptable" levels logged during the 2001 to 2003 economic slowdown and aftermath.
Nelms said Discover has the lowest concentration of card holders in areas especially hard hit by mortgage foreclosures, such as California and Florida.