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. http://ftalphaville.ft.com/blog/2009/07/27/63791/europe-braced-for-credit-card-defaults/