To the Point
The Credit Card Economy Comes Home to Roost
When the great recession got under way, credit card companies began changing their rules, making it harder for struggling consumers to pay their bills. Congress enacted reform in May, but gave the industry nine months to clean up its act. What we told you in March, when this discussion originally aired, will still be valid until after this Christmas. Also, retailers are facing a weak holiday system, and two and a half million Muslim pilgrims descend on Mecca.
By Warren Olney • • 50m ListenWhen the great recession got under way, credit card companies began changing their rules, making it harder for struggling consumers to pay their bills. Congress enacted reform in May, but gave the industry nine months to clean up its act. What we told you in March, when this discussion originally aired, will still be valid until after this Christmas. Also, retailers are facing a weak holiday system, and two and a half million Muslim pilgrims descend on Mecca.
In this episode
3 storiesRetailers Face Another Year of Weak Holiday Sales
Economists tell us the recession is over, but that's not necessarily good news for the retail season that begins today. For the second year in a row, "Black Friday" may not be the day that they start making profits. Kevin G. Hall writes about economics for the McClatchy Newspapers .
Read the story8 minThe Credit Card Economy Comes Home to Roost
Credit card companies offered high limits and low interest rates to millions of US consumers. Then came the Great Recession. When we first broadcast this program in March, companies were reducing credit lines, jacking up rates and closing accounts — and they're still at it.
Read the story35 min2.5 Million Pilgrims Descend on Mecca for the Hajj
At least once in the lifetime of every able-bodied believer, Islam requires a pilgrimage to Mecca. Between the seventh and thirteenth days of the twelfth month of the Islamic calendar, millions of people unite in religious solidarity. This year's observance is already under way.
Read the story8 min
