After the Housing collapse, a credit card collapse

After the Housing collapse, a credit card collapse!!! in the US.
"According to estimates by Oliver Wyman, a management consulting firm, card losses at the nation’s biggest banks could reach $141.5 billion by 2010 if the regulators’ loss rate was applied to their entire credit card business. It could top $186 billion for the entire credit card industry."

Banks Brace for Credit Card Write-Offs - NYTimes.com

Source: www.nytimes.com

Even the grim projections may vastly understate the size of the credit card troubles in store for major U.S. banks.