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Credit Crisis: What Card Issuers Can Learn from Previous Economic Downturns

Published by: TowerGroup

Published: Mar. 31, 2008 - 10 Pages


Table of Contents


Report Coverage

Introduction

Exhibit 1 Credit Card Return on Assets at US FDIC-Insured Commercial Banks and Savings Institutions (2000-08)

Exhibit 2 US Credit Card Solicitations, Response Rates, and Card Holders' Delinquency Rates (1992-2007)

How to Create a Customer-Centric Business Environment

Exhibit 3 US Credit Card Issuers' Model for Communicating with and Retaining Customers (2008)

How to Use Performance Management Solutions with Portfolio Analytics to Produce Profits

Exhibit 4 US Consumer Confidence and Gross Domestic Product (August 2006 - March 2008)

Exhibit 5 US Banks' Trend in Setting Standards for Consumer Lending by Loan Type (2001-07)

Revenue Generation and Fee Products

Summary

Abstract

US credit card profits tumbled in 2007, and major card issuers reported a decline in earnings. By early 2008, consumer confidence was in a tailspin and spending was in a slump. The US economy was strong for over 15 years before the subprime credit crisis, aside from the short-lived recession following the 9/11 terrorist attacks. Many credit card executives have not managed a portfolio in a major economic downturn, but everyone in the industry could benefit from lessons learned from the last one. This TowerGroup Research Note identifies strategies that were effective in the last economic downturn and explains how the credit card industry can deploy them to increase profits now.

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