Federal Reserve Board Chairman Alan Greenspan warned Congress Tuesday that consumers are disguising financial problems by paying off one credit card with another.

"They go from paying on time to bankruptcy," Mr. Greenspan testified. "People go off the cliff without any warning they are in trouble."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.