11-06-2007, 11:34 AM
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Hopeless Optimist
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Join Date: Oct 2005
Posts: 5,170
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The $915 Billion Bomb in Consumers' Wallets
This past summer's subprime meltdown involved about $900 billion in now-suspect securitized debt, reckless lending, and consumers who buckled under the weight of loans they couldn't afford. Now another link in the consumer debt chain - credit cards - is starting to show signs of strain. And the fear that the $915 billion in U.S. credit card debt (an uncannily similar figure) may blow up has major financial institutions like Citigroup, American Express, and Bank of America strapping on their Kevlar vests.
Fortune article
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