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"The deterioration in credit cards is accelerating faster than many had expected"

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Investors sold on plastic may want to reduce their balances. Credit card issuers - ranging from standalone companies such as Discover Financial Services (DFS) and American Express Co. (AXP) to those at banks like Washington Mutual Inc. (WM) and Citigroup Inc. (C) - are likely to suffer worse losses in the coming quarters than initially expected. Hit by the double-whammy of a growing reliance on credit cards by cash-strapped borrowers and a worsening economic downturn, issuers' earnings should be dented by deeper loss reserves and higher defaults. New credit card data from Fitch Ratings indicate that losses are hovering around or have exceeded five-year averages and issuers have increased their loss expectations or withdrawn guidance in the face of rising unemployment, record-high ...

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