Banks face increasing losses from credit cards

05/11/2009 | NYTimes.com

As many banks continue to struggle with the housing meltdown, experts predicted that another sector will become increasingly challenging: credit cards. Federal regulators' worst-case scenario puts credit card losses at roughly $82.4 billion for the nation's 19 largest banks. If the unemployment rate surpasses 10%, which many economists expect, credit card losses could be much higher.

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