Posted by Jack Lee
The Chico Mall is the latest recession victim and has just declared bankruptsy. We knew it was coming when Gottchalks filed for Chapt. 11. They were a big draw to the Chico Mall. Not sure what the future holds for the Mall, but I have been told they will remain open for now.
I also heard on the news today that banks expect over 10.5% of credit card debt to go into default and be uncollectable, so the banks are taking the proactive stance of jacking up credit card rates to offset that loss. Another case of people who do pay their debts being asked to pay for those who don’t! Sure glad I don’t own a credit card and don’t have any such debt outstanding. I use an ATM card.