Credit card losses to rise 300 percent

Not a huge amount has been written about how much of a hit banks will take from charging off bad credit card loans. But the simple truth is that credit card loans are among the worst for banks since there is nothing there to seize as collateral if the borrower can't repay. So the people who don't repay inspire banks to raise rates and fees on everyone, so we all end up paying for the credit card deadbeats.

Consider 32-year-old Arkansan Eddie Ward who lost is job in a retail warehouse last month and says he won't be able to pay off his $20,000 credit card loan unless he wins the lottery.