Originally Posted By: ironraven
Martin, this sounds like they are declaring bankruptcy, without going through the formalities- am I wrong in that?

If so, I figure it is only a matter of time before one of the larger issuers folds. *shrugs* As much as I might miss the opportunity, I'm more convinced than ever that they just aren't worth the hassle.


No they are NOT going bankrupt, they are simply stopping the credit card issuer business - in an effort to stave off any further losses from defaults.