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nods And until the card issuer officially writes down the debt, the principal that the borrower owes to the issuer is counted as an asset on the issuer's balan
by sethg 18y ago
nods
And until the card issuer officially writes down the debt, the principal that the borrower owes to the issuer is counted as an asset on the issuer's balance sheet.
- Retric 18y agoYep, but they don't write down all of that debt they first charge insane late fee's and interest for a few months and then sell that highly inflated debt to a collection agency or package up that debt before it defaults and sell that to wall street.