Credit card defaults skyrocket
Credit, Credit Crunch, The Economy June 15th, 2009
More signs of a collapsing economy. According to CNBC:
U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America’s lending portfolio, in another sign that consumers remain under severe stress.
JPMorgan Chase—the second-largest U.S. bank and the biggest issuer of Visa-branded credit cards—said its default rate rose to 8.36 percent in May from 8.07 percent in April, but it still holds the best performance among the largest credit card companies.
