Chapter Eight
Credit Card Receivables
AFTER MORTGAGES, the asset class comprised of credit card receivables constitutes the largest segment of the asset-backed security (ABS) market. Securities backed by credit cards were valued at $401.8 billion at the end of the second quarter of 2003, making up 24.8 percent of the overall asset-backed market. This compares with values outstanding of $315.5 billion for securities backed by home equity loans (19.4 percent of the market) and $228.6 billion for securities backed by automobile loans (14.1 percent of the market). In 1985 there were $153.1 billion of credit-card-backed securities outstanding, representing 48.4 percent of the ABS market. The volume of ABSs backed by credit card receivables grew ...
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