In terms of industry growth, 1994 likely was a very strong year for the credit card industry. We expect that credit card charge volume will post a 20% year-to-year gain and a 17% year-to-year increase in receivables.

Although the industry was strong in terms of volume, few of the hundreds of issuers were able to keep their market share. In fact, we estimate that 10 issuers accounted for 82% of the industry's growth in receivables.

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