As the recession rolls on, many think the credit card market will be the next to implode. Banks are certainly scrambling to a get a grip on their risks. Reuters notes that the likes of Citigroup, JPMorgan Chase and others are cutting rewards, hiking interest rates and raising fees. All in the face of mounting losses and lots of nervousness.

American Express has gone one step farther; it is offering clients $300 to pay off their credit card balances and close their accounts. Paying them to go away essentially. By one estimate, card charge-offs will climb to up to 10 percent in 2009 from 6 to 7 percent at the end of 2008. At that level, losses would total $75 billion.

For more:
- here's the Reuters article

Related articles:
Credit card crunch coming
Warning signs for credit card debt
What to do about Citi and Bank of America?