Securitization investors aren't the only ones getting jittery in the current credit environment. The negative headlines that dominated 2007 seem to be making consumers nervous, and this edginess has translated into scarce deal flow for credit card ABS.

Credit card issuance totaled 470 million ($689 million) in 2007 - approximately an 81% year-on-year drop when compared to 2006, according to market figures reported by Societe Generale. Consumer ABS issuance slowed down significantly in 2H07. The slowdown, Royal Bank of Scotland analysts said, is mainly linked to the decrease in consumer borrowing and spending, along with waning consumer confidence.

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