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Credit card crash: Small biz lender Advanta in trouble

Posted May 12th 2009 2:50PM by Alex Salkever (RSS feed)
Filed under: American Express (AXP), Headline News, Small Business, Recession

Small biz credit card issuer Advanta (NAS: ADVNA) will shut down accounts to preserve capital and will stop lending June 10, according to Bloomberg. The company has 1 million customers that could be left without credit cards, yet another blow for small businesses suffocating without sufficient credit lines. Shares tumbled 24% on the news to less than a dollar per issue.

Continue reading Credit card crash: Small biz lender Advanta in trouble

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