by Associated Press Published: August 26,2010
Tags: banking and finance, consumer spending, credit, credit cards, loans
NEW YORK — The amount consumers owed on their credit cards dropped to its lowest level in eight years, as cardholders continued to pay off balances in the uncertain economy. The average combined debt for bank-issued credit cards — those with a MasterCard or Visa logo — fell to $4,951 in the second quarter, down [...] [...]
by Wally Northway Published: August 3,2010
Tags: consumer spending, credit, debt, economy, factory orders
COLUMBIA, Md. — July’s Credit Managers’ Index (CMI) continued to show that the economy as a whole is stuttering. The overall index remains above 50, but not by much, and these levels have not been seen since late last year when the index was down to 52.9 in December. As recently as April, the combined [...] [...]
by Wally Northway Published: July 23,2010
Tags: banking and finance, credit, debt, mortgages, real estate
TUPELO— BancorpSouth Inc., during the quarter ended June 30, 2010, posted a net loss of $12.6 million, or $0.15 per diluted share, compared with net income of $33.9 million, or $0.41 per diluted share, for the second quarter of 2009. Aubrey Patterson, chairman and CEO of BancorpSouth, said, “The decline in BancorpSouth’s bottom-line results for [...] [...]
by Wally Northway Published: July 7,2010
Tags: banking and finance, credit, debt, loans
WASHINGTON – Consumer loan delinquencies showed broad-based improvement for the third quarter in a row, a sign of continued modest improvement in the U.S. economy, according to the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 21 basis points to 2.98 percent of [...] [...]
by Wally Northway Published: July 1,2010
Tags: credit
COLUMBIA, Md.—The slowdown in the economy over the past several weeks has been chronicled in a variety of ways: retail sales fell, the housing market sank to levels not seen in close to two years, the financial markets stumbled in reaction to one global threat after another and the Credit Managers’ Index (CMI) is slumping [...] [...]
by Associated Press Published: June 3,2010
Tags: credit, debt, environment, offshore drilling, oil and gas, oil psill
NEW YORK — Fitch became the first credit ratings agency to downgrade BP, noting the extreme financial risks tied to the ongoing Gulf oil spill. “The company has so far repeatedly failed to stop the resultant oil leak and has instead reverted to containment methods that are yet to be fully implemented and are subject [...] [...]
by Wally Northway Published: June 2,2010
Tags: credit, offshore drilling, oil and gas, oil spill
NEW YORK — Fitch Ratings is closely tracking the aftermath of the massive oil spill related to the April 20, 2010, explosion of the Deepwater Horizon oil rig in the Gulf of Mexico, although analysts believe that speculation on the impact to credit quality for state and local governments in the region would be premature. [...] [...]
COLUMBIA, Md. — The movement this month in the Credit Managers’ Index (CMI), issued by the National Association of Credit Management (NACM), was not spectacular, but was steady, which is good news in the context of the current economy. In the last few months, the bulk of the movement in the index was in indicators [...] [...]
by Wally Northway Published: February 24,2010
Tags: agriculture, banking and finance, credit
AUSTIN, Texas — Farm Credit Bank of Texas (FCBT), a wholesale bank that provides funding for rural lending cooperatives, reported strong financial results for 2009, in spite of last year’s weak economy. FCBT net income for 2009 totaled a record $106.6 million, an increase of 38.9 percent over 2008 net income. This increase was driven [...] [...]
by Wally Northway Published: February 8,2010
Tags: casinos, credit, debt, financing, gaming, publicly traded company
LAS VEGAS — MGM Mirage is seeking amendments to its aggregate $5.55 billion of senior credit facilities, which would extend the maturity of a substantial portion of those credit facilities from Oct. 3, 2011, to Feb. 21, 2014. The company has asked its lenders to provide their final approvals of the transaction by Feb. 24. [...] [...]
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