S&P Casts Wary Eye on Credit Card ABS in 2008

There’s no getting away from the bad news about collateralized debt obligations (CDOs), those pools of debt that contain untold amounts of hidden or bad debt that may never be paid off.

And there are always been plenty of stories of the way credit cards cause consumers to spend beyond their means, leading to delinquencies, charge offs, bankruptcy and the general end of the human race.