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Thursday, November 8, 2007

Next kick to banks after subprime defaults

After the subprime slam, these same people will be turning their cheeks ready for the smack from their credit card debt.  Sure, the banks will just take another write down; something the consumer is not able to do…

 

From a friend:

 

 

U.S. consumers have $915 billion in credit card debt!!!

 

should banks be sweating higher default rates (I am assuming that much of this credit card debt is in the hands of the same people that will default on their subprime mortgages).

 

JPM has $71 billion in its credit card loan portfolio, Citi has $68.9 billion, BofA has $65.9 billion, HSBC has $46.9 billion - scary shit.

 

 

also says something for consumer spending and its 70% effect on U.S. GDP going forward.

 

 

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