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rffrydr
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 Posted: Tue Mar 16, 2010 9:22 am Post subject: |
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| Quote: | Tom Graff
Credit card delinquencies mixed
3/16/2010 6:32 AM EDT
Overall credit card delinquencies edged lower in February, but performance varied considerably among banks. On the good side, Capital One saw total delinquencies fall 23bps, Bank of America -12bps and J.P. Morgan Chase -8bps. American Express and Discover were about flat (-2bps and -5bps) whith Citi stood out as an underperformer, with delinquencies up 19bps MoM.
Chare-offs were up for all major banks, but this shouldn't surprise anyone and shouldn't be cause for alarm. Charge-offs logically lag delinquencies, and thus the former should peak well after the later starts a generalized decline.
Meanwhile profit indicators on cards continue to trend positive. Yield and excess spread has been steadily increasing, now solidly higher year-over-year for all issuers. Losses are being more than offset by the benefits of a steep yield curve. |
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rffrydr
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| Posted: Thu Feb 04, 2010 8:24 am Post subject: |
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| Quote: | | Visa and MasterCard benefited from consumers’ increased shift to plastic. Card-based transactions were projected to exceed cash and checks for the first time in 2009 |
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDQcLN.lkJso
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rffrydr
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| Posted: Fri Jan 15, 2010 9:01 am Post subject: |
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rffrydr
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| Posted: Fri Jan 15, 2010 8:36 am Post subject: |
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JPM lost 300 million Q4 better than close to 400YOY; booking 1 billion/Q into 2010 for any (not) continued writedowns.
WuMu card losses could approach 24% over the next several quarters
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rffrydr
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| Posted: Thu Jan 14, 2010 7:48 pm Post subject: |
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| Quote: | Tim Melvin
Retail
1/14/2010 2:52 PM EST
I see on the tape that Fitch rating Service has released figures for store branded credit cards today. During the holiday season usage of store branded cards dropped by more than 18%, the largest decrease since 1968. As usage fell charge offs were on the rise, reaching 12.56 in the month. For all of 2009 charge offs averaged over 11% and were more than 40% above the long term average charge off rate. High unemployment is expected to keep the rate of defaulted credit card loans high for at least the first half of the New Year according to the agency. |
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rffrydr
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| Posted: Fri Jan 08, 2010 2:56 pm Post subject: |
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That's 17billion off the top...and, considering where we were, that's good:
http://www.cnbc.com/id/34770934
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rffrydr
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| Posted: Mon Dec 14, 2009 2:28 pm Post subject: |
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rffrydr
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| Posted: Sun Dec 13, 2009 1:43 pm Post subject: |
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You're mailbox is getting a whole new look:
http://www.ft.com/cms/s/0/f0261a24-c74e-11de-bb6f-00144feab49a.html
| Quote: | At the peak of the credit boom in 2005 and 2006, the industry was sending out more than 2bn card offers a quarter.
Mail declined gradually as the economy weakened, and then dropped sharply in the aftermath of last year's Wall Street crash.
In the most recent quarter, the volume of offers fell only 7 per cent from the previous three months which Mintel said suggests that the credit card industry "has reached a bottom for marketing direct mail". |
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HenryTo
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| Posted: Tue Nov 17, 2009 9:29 am Post subject: |
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http://shine.yahoo.com/channel/life/five-reasons-to-avoid-gift-cards-this-holiday-season-544695/
| Quote: | | A final fact that blew my mind from the Consumer Reports study: Six percent of Americans--some 13.5 million consumers--continue to carry debt from last winter's holiday season. For those folks, it's time to stop shopping and switch to gifts that don't cost money. The blog Get Rich Slowly assembled a good list of low- and no-cost holiday gift ideas. |
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rffrydr
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| Posted: Tue Nov 17, 2009 9:13 am Post subject: |
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Forbearance issues may be clouding these results (JPM had a "pay holiday" in July for instance) but I'm still favoring the trend.
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rffrydr
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rffrydr
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| Posted: Sat Oct 24, 2009 7:40 am Post subject: |
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Perhaps the core reason why default rates are exceeding the unemployment rate (if that in itself is not understated):
| Quote: | | As discussed in April, spending on small business credit cards rose from $70.4 billion in 2000 to $296.3 billion in 2008, as the number of cards issued exploded from 5 million to 29 million. According to the Nilson Report, the delinquency rate on small business credit cards is 12%, almost 2% higher than the consumer delinquency rate. According to the National Small Business Association, in April 59% of small firms relied on credit cards to help finance their day-to-day operations, up from 44% at the end of 2008. The rising default rate is causing card issuers to drastically cut borrower limits for 75% of small businesses. The credit card crackdown and higher lending standards imposed by banks on small businesses represents a serious squeeze on the sector that creates 75% of all new jobs. |
From "Jim Welsh" below.
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rffrydr
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rffrydr
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| Posted: Tue Sep 15, 2009 6:57 pm Post subject: |
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Amex turn is being overshadowed by 14% rates elsewhere--but isn't that what you'd expect?
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rffrydr
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| Posted: Wed Jul 29, 2009 8:10 pm Post subject: |
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Read a stat today: US 1.9 trillion in plastic money with 14% expected default ratio (Heavily skewed above the unemployment rate that normally tracks this) vs. 2.6 trillion European (not eurozone) plastic with default rates expected at 7% (mostly Brittan).
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