投票結果

去槓桿化勢在必行，Visa/Master Card等公司營業增長會否減慢？

會 15 (88%)
唔會 1 (5%)
唔知道 1 (5%)

大家都認為 Visa/Master Card 等公司增長放慢。

--------------------------------------------------------------------------------------------------
2008-11-10

回應一下依個課題，近日睇John Mauldin 就講到原來美國人簽卡愈來愈勁！

So, did American consumers cut back on borrowing? Not if they had a credit card! Total loans from commercial banks to consumers grew by $89 billion for the 12 months ending in September. $61 billion of that was credit card debt, and the amount in recent weeks has exploded. Let's look at this analysis from my favorite slicer and dicer of numbers, data-wizard Greg Weldon (www.weldononline.com). Going with a Halloween theme:

"FAR MORE 'telling' is the LOPSIDED degree to which Credit Card balance growth is 'contributing' to total growth in Consumer Loans, a sign of intensifying 'stress' on consumers, amid accelerating job loss, home price deflation, and equity-market paper wealth devaluation.

"Even the raging Frankenstein stops to note the shockingly UGLY data details:

Commercial Banks, Outstanding Credit Card Balances ... SOARED by an eye-opening + $7.1 billion in the WEEK ending October 15th, representing a +1.9% single-week rate of expansion ... or ... nearly ONE-HUNDRED PERCENT annualized (+98.4%).

"Even more 'telling' is the 'read' acquired by contemplating the following pair of data FACTS:

* Credit Card Loans, 10 months Sep07-thru-Jul-08 ... up + $29.1 billion

* Credit Card Loans, 10 weeks Aug-08-to-mid-Oct-08 ... up + $32.3 billion

"In other words, Commercial Bank 'exposure' via the total amount of Credit Card 'loans' outstanding has risen MORE in the last ten WEEKS, than it did in the previous ten MONTHS COMBINED !!!

"Moreover, the growth in the last ten-weeks, $32.3 billion, or about $600 million per 'shopping day' since the beginning of August ... represents nominal growth of + 9.3% ... or ... + 48.3% annualized over the last ten weeks.

"According to American Express, delinquencies on credit payments rose to 4.1% of all credit outstanding in the 3Q, up from 2.5% in 3Q of 2007, with Bank of America's rate rising even more steeply, to 5.9% in the quarter.

"Moreover, the 'pool' of loans deemed 'uncollectable' rose to a high 6.7% in the 3Q, soaring from 3.6% last September."[Emphasis mine.]

What consumer spending there is has been fueled in part by credit card. Greg notes this uncomfortable piece of data: the second largest "merchant-vendor" for credit card use is now McDonalds. This suggests that many consumers are in serious distress when they need to get their $4 Big Mac and fries with a credit card.

Reference:

http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archive/2008/10/31/electing-the-janitor-in-chief.aspx