Is the Media Overplaying Concerns About Tougher Consumer Credit?
There have been a number of stories in newspapers lately about the toughening consumer credit conditions. These articles noted anecdotal increases in interest rates and decreases in available credit among consumers. But in a recent Los Angeles Times article, a Washington Mutual employee seemed to say that concerns about tougher credit are overdone:
Anthony Vuoto, president of WaMu’s credit card services unit, downplayed the consequences of the reduction of credit limits, saying it probably affected only a “small minority” of consumers.
So who’s right - the media and the consumers or the credit card company insider?
