Opening cards

vishwanath-tirupattur-morgan-stanley-2009

Subprime mortgages might have started the financial crisis, but credit cards have become another potent symbol of rocketing consumer debt and over-inflated credit markets. Now, like subprime mortgages, they are also causing towering losses for banks. In June, losses on US bank credit cards reached 10.4%, according to Standard & Poor's (S&P) - up 4.7% from May and a massive 69.2% over the corresponding month in 2008.

"This is the first time in 25 years that the credit card business has been unpro

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: