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Cards Meltdown – Credit Cards defaults rise

Credit Cards Defaults rose 15-17% at major US credit Card Issuers in December. The trend continues in January. Major Issuers like Capital One have reported defaults at over 7% of the book and the figure is likely to be between 8-9% in these three months.

Card receivables securitization has virtually stopped creating problems for issuers to arrange liquidity and card spending has gone down a good 10-15% with Master Card reporting a drop of 11% in spending in December

One comment on “Cards Meltdown – Credit Cards defaults rise

  1. zyakaira
    April 21, 2009

    Credit Card delinquencies have recently been updated by Citi and JPM at 5.6% and 4.64% respectively. Citi and BofA also reported near 10% chargeoffs on the portfolio . This is as per the March numbers , check thestreet.com

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This entry was posted on February 6, 2009 by in Financial Markets, Global, Uncategorized, US and tagged , , .

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