U.S. Credit Card. Trends, Liquidation and Portfolio Pricing

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1 U.S. Credit Card Sector Update: Market Trends, Liquidation and Portfolio Pricing

2 Agenda U.S. Credit Card Sector AY Year in Review Key Economic Trends Liquidation and Pricing Changes Market Trends Unfolding Future Predictions Questions 2

3 U.S. Credit Card Sector A Year in Review From 2009 to 2010 we have seen The economy officially exiting the recession With the help of Uncle Sam (aka tax payers); however, it has not yet rebounded The implementation of the Card Act and other regulatory changes with more to come say hello to Elizabeth Warren and the CFPB!!! Liquidations decline then stabilize then slightly improve Portfolio prices decline then stabilize then steadily increase Credit issuers and debt buyers start t to consolidate their vendor networks to maximize liquidation performance Some ARM companies unable to source funding while there s lots of money sitting on the sidelines anxious to be put to work 3

4 Key Economic Trends Total outstanding t credit card debt and new originations i continue to decline Delinquency rates are stabilizing, charge-off rates starting to decline Unemployment rates have stabilized, but concerns exist about next year Bankruptcy filings are increasing again Remember 2005? Consumer confidence continuing to go up and down Personal savings rate is stabilizing 4

5 Total Outstanding Credit Card Debt $ Billions Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Obtained from the Federal Reserve Consumer Loan Statistics reflects seasonally adjusted outstanding revolving credit levels Total credit card debt outstanding has declined roughly 16% ($150 billion) since reaching a peak of $973 billion in September

6 Credit Card Originations (30% Drop Since Q4 08) 25,000 20,000 $ Millio ons 15,000 10,000 5,000 0 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Data obtained from the Treasury Department and collected from credit card issuers who received Capital Purchase Program (CPP) funds Top 7 issuers: Citi, JPMorgan, BofA, Amex, Wells, Bancorp and Cap One represented on average 97% of the total amount in credit card originations for the noted time period Discover is not included in these results 6

7 Charge-off Rates (Top 5 Issuers) 14.00% 13.00% 12.00% Credit Card Charge-off Rates by Issuer B of A Citi Chase Cap One Discover 11.00% 10.00% 9.00% 8.00% 7.00% April '10 May '10 June '10 July '10 Aug '10 Sept '10 insidearm.com Data obtained from InsideARM Results vary by issuer, but it seems clear that the total charge-off rate is declining 7

8 Delinquency Rates (Top 5 Issuers) Credit Card Delinquency Rates by Issuer 7.00% B of A Citi Cap One Discover 6.00% Chase 5.00% 4.00% 3.00% April '10 May '10 June '10 July '10 Aug '10 Sept '10 insidearm.com Data obtained from InsideARM Delinquency rates are stabilizing as opposed to the decline seen in the charge-off rates 8

9 Charge-off and Delinquency Rates (All Banks) Percentages Q Q Q Q Q Q Q Q Q Q Q Charge-off Rate Delinquency Rate Data reflect annualized, ali seasonally adjusted results Q trend line predictions based on results from top 5 credit issuers 9

10 Total Charge-off Credit Card in $ Billions (Face Value) $25 $20 $15 $109B Charged Off $10 $5 $0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Data obtained from the Federal Reserve G.19 Consumer Credit Report. Quarterly charge-off amounts calculated utilizing non-seasonally adjusted revolving credit quarterly figures and the non-seasonally adjusted quarterly credit card charge-off rates 10

11 U.S. Unemployment Rates Percentage es Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 U3 Unemployment Rate U6 Unemployment Rate The U.S. unemployment ment rates have stabilized but are not yet showing signs of improvement 11

12 Consumer Bankruptcy Filings 160, , , , ,000 60,000 40,000 20,000 0 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Data obtained from The American Bankruptcy Institute 10% increase in bankruptcy filings in the first 10 months of 2010 vs same time period in

13 Consumer Confidence Index Sep- 08 Oct- 08 Nov- 08 Dec- Jan Feb- Mar Apr- 09 May- Jun Jul- 09 Aug- Sep- Oct Nov- 09 Dec- Jan Feb- Mar Apr- 10 May- Jun Jul- 10 Aug- Sep- Oct Data obtained from The Conference Board s Consumer Confidence Index Survey; 1985 =

14 Personal Savings Rate Percentage es Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Data obtained from The Bureau of Economic Analysis Q personal savings rate is an estimate based on preliminary results for September; results for July and August were 5.7% and 5.8%, respectively 14

15 Average Liquidation Decline Results Stage of Delinquency 2007 to to to 2010 Fresh 20% 30% 30% 40% -10% 5% Primary 20% 30% 30% 40% -10% 5% Secondary 25% 30% 20% 30% -5% 10% Tertiary 20% 30% 20% 30% -5% 15% Quads+ 15% 25% 25% 35% 0% 20% Liquidations began to stabilize in Q1 of 2010 Increase in settlements and payment plans Credit issuers became more aggressive with their settlement policies in the second half of 09 and continued into 2010 Greater shift toward pre-litigation and legal collection strategies in

16 Portfolio Pricing by Stage of Delinquency Stage of Pre Delinquency Recession Q Q Q Fresh $.12 $.17 $.07 $.12 $.035 $.07 $.04 $.08 $.045 $.085 $.05 $.11 Primary $.08 $.12 $.05 $.09 $.02 $.05 $.025 $.05 $.025 $.055 $.025 $.08 Secondary $.05 $.09 $.03 $.065 $.015 $.03 $.02 $.04 $.02 $.045 $.02 $.06 Tertiary $03 $.03 $05 $.05 $015 $.015 $04 $.04 $01 $.01 $02 $.02 $01 $.01 $02 $.02 $01 $.01 $025 $.025 $01 $.01 $035 $.035 Quads+ $.01 $.025 $.005 $.02 $.001 $.01 $.002 $.01 $.002 $.015 $.002 $.015 This data reflects transactions between credit issuers and debt buyers High end of price range increased at every stage of delinquency Primary factors contributing to pricing changes over the past year: Increased demand, same supply More aggressive buyers, willing to accept lower margins 16

17 Current Market Trends Liquidations id are stabilizing/improving i i but placements are declining i Credit card origination volumes are not growing fast enough Portfolio prices continue to rise for certain portfolios Increased security and regulatory requirements are making it harder to collect debts FTC and State AG s continue to aggressively enforce the FDCPA Pending legislative game changers still exist for ARM industry Top performers are adapting to these changes and diversifying their client base and market concentration 17

18 2011 Predictions Delinquency and charge-off volumes will decline vendor networks will continue to consolidate More credit card focused ARM companies will diversify into other markets, join forces or go out of business Liquidation rates will continue to stabilize and likely increase Increase in debt buying opportunities both in the charged-off and performing markets Asset pricing bubbles may form in certain markets Unemployment rates will continue to stabilize and possibly decline slightly nothing substantial 18

19 2011 Predictions (Continued) Consumer spending will not increase significantly as they will remain cautious until the job market stabilizes Additional government stimulus programs will be created to stimulate t job growth and consumer spending impact will likely l not be felt in 2011 Some regulatory changes lead by the FTC recommendations and pushed through by Elizabeth Warren and the CFPB may occur toward the second half of the year Geared toward helping consumers and cleaning up bad practices CFPB will not have as much power now that the Republican party has gained control of the U.S. House 19

20 Questions 20

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