Credit Crunch 2009: January Update

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This is the first in a series of updates that will be published in 2009 as the global credit crunch hits home in the United States credit card marketplace. Building on our analysis published in November 2008 (Declining Credit Card Growth 2008: A (Leaking) Glass Half Full), we update some market data suggesting that October 2008 was a major downward inflection point for credit card growth. Somewhat surprisingly, on-balance sheet card asset growth continued for most FI types through November 2008, with a market concurrent decline in securitized assets. How long will banks be willing (and able) to continue this funding?

Published on: January 14, 2009
Author: Mercator Research Team
Alternate Point of Contact: Amy Dunckelmann

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