Jul 20
Advanta Suspends Nearly 1 Million Client Accounts
Posted on Monday, July 20, 2009 in General
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.