First, we need much more analysis of the implications of the business models of major intermediaries for the system as a whole. Some of the crucial factors, whose relative importance has shifted over time, include originate-to-distribute models, rising maturity mismatches and the combination of proprietary trading and investment advice.
As of the end of 2009, 83 percent of small businesses used credit cards. Of those using credit cards, 64 percent used small business cards and 41 percent used personal cards. Despite the widespread use of credit cards, only a minority of small businesses – 18 percent – reported borrowing on credit cards.