Europe braced for rising credit card defaults

Discussion in 'Wall St. News' started by ASusilovic, Jul 27, 2009.

  1. European lenders fear a surge in consumer debt defaults as the US credit card crisis spreads across the Atlantic. The IMF estimates that 7% of the $2,467bn of consumer debt in Europe will be lost, with much of that falling in the UK. In the US, about 14% of total consumer debt of $1,914bn will turn sour. UK banks, which begin reporting their first-half results next week, have already warned of a sharp increase in credit card debts.
  2. europe is finished