The new subprime: Credit Card delinquencies soar

As expected the issues in the mortgage market have spread to other types of debt. Recent headlines demonstrate a rapid rise in credit card defaults and delinquencies. This is likely to further impact the bottom lines of many banks and cause the tumble of an entire new series of derivative debt.

Credit card trouble soars
Defaults and delinquencies take a worrying jump as the mortgage crisis leaks into the credit card market
http://www.newsobserver.com/print/monday/front/story/846462.html