According to the Federal Reserve, outstanding credit card debt stands at about $789.6 billion as of September 2011. Although this number is down from the 2008 peak of about $972 billion, it is still massive and should lead to continued charge-offs above the industry average.
Take a look at the following chart.
As you can see, the industry average for credit card charge-offs stands at about $40 billion. But in the last three years alone there have been over $200 billion in charge-offs. This is far larger than the industry is capable of handling or expanding to handle.
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