Monday, March 2, 2009

Credit Card Charge-Offs At Record High In January

Moody's: Credit Card Charge-Offs At Record High In January

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Credit card charge-offs reached a new high of 7.74% in January, after 7.73% in December, and the increasing number of borrowers falling behind on payments means charge-off rates are almost certain to increase as the economy worsens, according to Moody's Credit Card Credit Indices.

Charge-offs are credit-card loans deemed uncollectible.

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