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The credit crunch is closing in on credit cards. Banks that got burned on bad mortgages are now bracing themselves for billions more in bad debt on credit cards - so they're trying to cut their losses by cutting off customers.

www.bloomberg.com
Nov. 6 (Bloomberg) -- Axa SA , Europe's largest insurer by market value, had a 3.4 percent decline in third-quarter revenue as slumping stock markets led to lower sales of life and savings products in the U.S. and Britain.

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