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Americans Ring Up 'Mind Boggling' Debt in Q2

Habits are hard to break: Just when you think you're firmly in control, you backslide again. According to CardHub.com, U.S. consumers accumulated a staggering $18.4 billion in credit card debt in the second quarter -- 66% more than they accumulated in the same quarter a year ago.

The Dow Snaps Its
Two-Day Losing Streak

Stocks closed mixed Friday as better-than-expected earnings from General Electric helped the Dow and S&P 500 snap two-day losing streaks, but the Nasdaq closed lower after disappointing results from Advanced Micro Devices.

Housing 2011: Unsettled, Underwater, Unsold

Housing market watchers got a bit of good news Thursday: Sales agreements for previously occupied homes rose 10.4 % in October. But that was one spark of hope against a backdrop of declining prices, bulging inventories and ongoing legal issues around foreclosures. A real estate recovery in 2011? Don't count on it.

Loan Approval Rate Expected to Drop as Applications Rise

Approval rates for bank loans will likely fall as the number of applications increase over the next six months, according to a recent survey of banking professionals released today by Fair Isaac and Northwestern University's Kellogg School of Management.

Foreclosures Are Still Rising

The percent of mortgages backed by the FHA that are in default has risen by a third over the last year. Many of the troubled mortgages were granted in 2007 and 2008, and mortgages typically perform worst in their second and third years.

Credit Crisis, The Sequel? Corporate Debt May Flood

Massive amounts of corporate debt issued from 2003 to 2007 is set to come due over the next four years. The inability of companies to refinance their debt will leave them paying high interest payments, dragging down corporate earnings and forcing some companies into bankruptcy.

Lenders Write Off More Credit Card Debt

The percentage of credit card balances that lenders have written off as uncollectable rose in November, said Moody's, which predicts even higher levels of delinquency and charge-offs ahead in 2010.