The Consumer Credit Outstanding has been a concern for a while. But it is the first time I have seen MSM pick this up.
Target says it's credit card receivables rise faster than sales in September.
It's a sign of the times that, according to one survey last month, 6% of British homeowners have been using their credit cards to pay their mortgages.Then American Express (Charts, Fortune 500) said that it too was seeing
And in Britain it looks just as bad.
"signs of stress" and would boost its loss reserves in its core U।S. card unit
by 44%. Capital One (Charts, Fortune 500), Bank of America (Charts, Fortune
500), and Washington Mutual (Charts, Fortune 500) all said they are bracing for
a 20% or higher increase in credit card losses over the near and medium
term।
Here is a graph of Consumer Credit as of August 2007.
Click on Image for larger Image.
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