Credit-card companies finally put the brakes on advertising last month in the wake of the financial crisis, per Nielsen.
After rising almost 27% in July and August, TV ad spending by
card marketers declined 24% in the first three weeks of September, compared to last year. Capital One and other lenders say they have to set aside money to offset rising losses as more customers
miss payments.
The reversal by the credit-card companies follows cuts by other financial services. In July and August, spending by home-loan companies dropped 54% and mutual fund
companies cut ads 23%.
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