Meredith Whitney says Credit Cards are the Next Shoe to Drop

Sunday, October 11, 2009

Meredith Whitney wrote in the Wall Street Journal that "credit cards are the next credit crunch," as contracting credit will lower consumer spending and hurt the U.S. economy even more.

"Few doubt the importance of consumer spending to the U.S. economy and its multiplier effect on the global economy, but what is under-appreciated is the role of credit-card availability in that spending," Whitney told the WSJ.

American Express, Visa and Mastercard have been performing better then the banks. Will they be under fire in the near future?

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