The problems created by deteriorating consumer credit quality are far from over, said Richard M. Kovacevich, chairman and chief executive officer of Norwest Corp.

"The credit card industry has quite a ways to go in terms of problems. I think the (losses at) consumer finance companies will probably peak six to nine months from now, and at banks, it really hasn't even started," Mr. Kovacevich said in a meeting last week with American Banker reporters and editors in New York. "Banks' personal portfolios are still doing pretty well, so they presumably have to go through a problem peak."

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