Financial Times FT.com

US credit crisis spreads to wealthier

By Francesco Guerrera and Saskia Scholtes in New York

Published: July 29 2008 03:00 | Last updated: July 29 2008 03:00

The US financial crisis is spreading from subprime borrowers, with evidence mounting that more affluent people are failing to pay mortgages and credit card balances.

Growing concerns over the financial health of richer borrowers are prompting banks and card issuers to tighten lending practices in moves that could further damp consumer confidence.

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