Advanta Suspends Nearly 1 Million Client Accounts

It seems like the rough waters are intensifying for Advanta Corp, the credit card company that was forced to suspend nearly a million client accounts after defaults rose to 20% in the first quarter of 2009. The lender said today that defaults rose by over 100% to 56.95% in June from May.

Just over a week ago, it announced that it would be laying off half of its workforce across all departments, after posting three-straight quarterly losses. Advanta is set to release its second quarter results this week.