Disappointing news on the consumer front, courtesy of the latest charge-off numbers:
WSJ: The rate of charge-offs on U.S. credit cards rose more than a half-percentage point in November, snapping a two-month run of drops from an all-time high in August, and delinquencies rose for the fourth consecutive month, Moody’s Investors Service said.
Charge-offs, which are those loans a credit-card company doesn’t think it will be able to collect, were 10.6% for November, compared with 10% in October. The ratings firm also said the delinquency rate, which gives a glimpse of issuers’ potential losses and how much they may need to set aside in reserves, rose to 6.2% in November.
Join the conversation about this story »
See Also:
- Stiglitz: The U.S. Will Crash Again Unless We Pass Even More Stimulus
- Chris Dodd’s Incredibly Stupid Credit Card Rate Freeze Will Destroy The Consumer
- Desperate Retailers Bring Back "Layaway" Plans For The Holidays