The Financial Times reports today that US credit card defaults prove a boon to India. According to the article:
Firstsource, an Indian business process outsourcing company that handles credit recovery for most of the top five US banks and half of the top 10 credit card issuers, said it was increasing staff numbers to win business from growing credit card defaults in both national markets. "There is more demand for that service. If I could add 100 people today, overnight, I would do it," said Ananda Mukerji, Firstsource chief executive, in an interview with the Financial Times...Mr Mukerji said: "There are more credit card outstandings being defaulted on today than there were a year back, so that's a growth opportunity for us."
If I were asked to devise a way to increase protectionist sentiment among U.S. voters, I doubt I could come up with a more effective method than this.
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