Next crisis_credit card defaults

[JQ2002]

From the FT last week....

"Lenders in Europe bracing themselves for a rising wave of consumer debt defaults as the credit card crisis that has caused billions of dollars in losses among US banks spreads across the Atlantic.

The International Monetary Fund estimates that of US consumer debt totalling $1,914bn, about 14 per cent will turn sour"

Haven't heard to much about this in Ireland, surely its another issue about to boil over.

 

[rmelly]

http://www.independent.ie/business/...ace-losing-billions-in-writeoffs-1843594.html

The International Monetary Fund expects 7pc of the €1.34tn of consumer debt in Europe will be lost as people default on credit card debt

 

[csirl]

There was an article in the Indo recently - cant remember the date, but it suggested that there has been a significant decrease in the amount of credit card debts people have in recent months - people appear to be afraid to get into debt.