Chillin' out till it needs to be funded
Credit Cards Defaults rose 15-17% at major US credit Card Issuers in December. The trend continues in January. Major Issuers like Capital One have reported defaults at over 7% of the book and the figure is likely to be between 8-9% in these three months.
Card receivables securitization has virtually stopped creating problems for issuers to arrange liquidity and card spending has gone down a good 10-15% with Master Card reporting a drop of 11% in spending in December
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