What is meant by the phrase consolidating credit card debt
State insurance regulators approved similar requirements in the following decades.In the late 1960s and 1970s, ratings were extended to commercial paper and bank deposits.The value of credit ratings for securities has been widely questioned.Hundreds of billions of securities that were given the agencies' highest ratings were downgraded to junk during the financial crisis of 2007–08.As trading distances increased, merchants no longer personally knew their customers and became leery of extending credit to people who they did not know in fear of them not being able to pay them back.
US banks were permitted to hold only "investment grade" bonds, and it was the ratings of Fitch, Moody's, Poor's, and Standard that legally determined which bonds were which.The debt instruments rated by CRAs include government bonds, corporate bonds, CDs, municipal bonds, preferred stock, and collateralized securities, such as mortgage-backed securities and collateralized debt obligations.A credit rating facilitates the trading of securities on a secondary market.Also during that time, major agencies changed their business model by beginning to charge bond issuers as well as investors.The rating agencies added levels of gradation to their rating systems.
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Non-American agencies also developed outside of the United States.