Credit-card charge-offs are "defying gravity" when compared with the problems in the mortgage market, according to Gregory Larkin, senior banking analyst for Innovest

CBS Market Watch has a story that Credit Card defaults, in other words people who cannot pay off their credit cards can exceed home mortgage defaults.

"If history is any indicator, there should be an equivalent surge of credit-card charge-offs very soon," he said, though he concedes that an eightfold increase would be very aggressive

They are estimating $41.5 Billion in charge-offs by the end of the year.