Solution a welcome relief as delinquencies rise

With bank card delinquencies hitting 5.45 percent of total dollars outstanding, or $26.42 billion, and bankruptcies projected to hit 1.3 million this year after surpassing the one million mark for the first time in 1996, the announcement by Equifax and Total System Services of a joint solution to combat bankruptcy should be welcome. A cynic, however, might note that these companies are capitalizing on a situation they helped create by providing tools to saturate the market with pre-approved credit cards, says Walter Kichenman, senior analyst, Tower Group, Newton, MA.

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