Delinquency Rate Continues To RiseYou can keep giving to the buffoons on Wall Street but a greater depression is looming for Main Street! ......and what was it again that banks do for the economy besides ruin it? Oh, yes they move around paper and produce nothing! Wonder if BMO/Harris Bank might have a few more writedowns coming down the pipe! If you think there are a few upset BMO shareholders due to the unwarranted end of year compensation.............there might be a few more people coming out of the woodwork to vent. For disclosure try GPR, TYE, EXN, etc...... for some very good returns in the short term. All the best, The Bluenote
US Credit Card Delinquency Rate Continues to Rise to All-time High of 4.54%
January 22, 2010
Delinquent balances on U.S. credit cards reached record levels and defaults surged higher in November 2009, according to the latest Credit Card Index results from Fitch Ratings.
Chargeoffs are poised to trend even higher in the coming months as consumers struggle with debt burdens in the still challenging employment environment.
The 60-plus day delinquency rate reached an all-time high of 4.54% for the December 2009 index, which is based on performance data through the end of November. This surpassed the previous high set in June 2009. Chargeoffs crept up to 10.68% from 10.09% in the prior month but remained inside of the record high set in September 2009.