Assuming that NAB has kitchen sinked its CDO's
Isnt the next round of write downs / provisions going to come from credit cards exposure?
Everyone expected Visa and Mastercard to report big losses due to defaults (like AMEX) but they came out smiling and said its the banks who issue it to thier customers.
From my understanding, when a you receive a credit card approval (VISA / Mastercard) its your bank who guarantees the limit with the credit card company....(with the exception of Amex who is direct in most cases to the customer).....
This is a looming problem for commercial banks in my opinion given the size of Australian Credit Card Debt, any thoguts?
credit card losses next
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