John At The Center

Credit card debt will only be reduced from the supply side:

Which leaves one last hope: that America’s biggest banks will unilaterally cut down on their credit card lending, especially now that it’s less profitable for them. That already seems to be happening at big banks like JP Morgan Chase. But it’s far too early to consider it a trend. Partly because the alternative — personal loans — is generally less profitable than even the most legally constrained credit card.

via That stubbornly high credit card debt Analysis & Opinion Reuters.