The credit card crisis that has caused billions of dollars in losses among US banks is spreading across the Atlantic, with lenders in the UK and the rest of Europe bracing themselves for a rising wave of defaults among consumers.
The International Monetary Fund estimates that of US consumer debt totalling $1,914bn, about 14 per cent will turn sour.
It expects that 7 per cent of the $2,467bn of consumer debt in Europe will be lost, with much of that falling in the UK, the continent's biggest nation of credit card borrowers.
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