After some signs that consumers were starting to catch up on their credit card bills, charge-offs are back on the rise!
Reuters: Capital One Financial Corp and Discover Financial Services reported that credit-card charge-offs rose in November — a sign that consumers remain under stress.
In a regulatory filing on Tuesday, Capital One said the annualized net charge-off rate — debts the company believes it will never collect — for U.S. credit cards rose to 9.60 per cent in November from 9.04 per cent in October.
In another regulatory filing, Discover said its charge-off rate rose to 8.98 per cent from 8.54 per cent after two months of declines.
JPMorgan’s charge-offs are up as well.