In the last few weeks, a number of news outlets have mentioned a looming credit card crisis, including this one. Following the continuing sub-prime mortgage crisis is another potential credit crunch. This second credit bubble - consumer credit card debt - was predicted to burst before the end of ‘08 by the speakers at MMA’s credit card practices summit last September in New York.

MMA has been analyzing this issue, with plans to encourage credit card companies we own shares in to pursue more sustainable (and non-predatory) lending practices, for both social and financial reasons. Along with some of our colleagues in the shareholder advocacy sphere, we hope to begin engaging specific companies on credit card practices within the next few months. A summit in New York is planned for early February to initiate practical shareholder work.

This entry was posted on Friday, January 4th, 2008 at 2:36 pm and is filed under MMA, In the news, Chris. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.