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Strategies & Market Trends : Classic TA Workplace

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To: NOW who wrote (63419)	1/10/2003 8:51:57 PM
From: bcrafty	of 209892

Did I hear somebody COF? <g> A little piece of "insider information" on COF. As you may have read from my past posts, part of my legal practice is individual consumer bankruptcies. About two years ago I noticed that clients were coming in with four, five, six or more Capital One credit card accounts to discharge. They told me that the originally had only one or two accounts and when the received new cards with new account numbers they assumed that the company was closing their accounts and replacing them with new ones. Actually, COF was giving them new additional accounts, unrequested. And these are people who weren't the best credit risks to begin with. Without saying anything more, I think you can take a bad economy and high unemployment and do the math and see the implication from here - not a pretty one for COF. Even passage of the proposed Bankruptcy Reform Act might not be enough relief for the company, IMO.

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