Thursday, Oct 23, 2008
Gee - you mean they don't know what may happen?
WSJ: Banks face another Wild Card
This financial crisis has shown that history is an unreliable guide for gauging future losses.
Banks relying on historical models were fooled when it came to potential mortgage hits. They similarly miscalculated with structured-debt products.
Now, the same may hold true for credit cards. Banks and big card issuers have seen card losses climb and are projecting that things will worsen in 2009.
Posted by lvmreader @ 04:55 PM (283 views) Add Comment
3 Comments
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1. malct said...
quiet up here just now
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go steady mate we need you
any sign of gardennetting yet?
2. gardeniadotnet said...
I'm back - see above.
3. Dr Ray said...
Credit card debt is the elephant in the room.
Your average Chav could borrow thousands of £ on half a dozen cards.
Now being used to pay mortgages and buy essentials
When this hits the fan it will be massive (elephant size)