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CHARGE-OFFS SHOW CONTINUED WEAKNESS ON MAIN STREET

15 January 2010 by Cullen Roche 0 Comments

The recession on Main Street continues as data today showed the public debt hindrance continues to hurt consumer balance sheets.  Capital one reported charge-offs rose to 10.14% from 9.6% last month. Their delinquency rate declined to 5.78% from 5.87%.   Discover Financial said charge-offs declined to 8.68% from 8.98% last month while their delinquency rate declined to 5.49% from 5.65%.  American Express reported improvement across the board as charge-offs declined to 7.1% from 7.6% and delinquencies declined to 3.7% from 3.9%.   Bank of America reported charge-offs of 13.53% vs 13% last month.  JP Morgan reported charge-offs of 7.11% vs 8.81% last month.

Cullen Roche

Cullen Roche

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