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CHARGE-OFFS SHOW CONTINUED WEAKNESS ON MAIN STREET

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.