Here and there we’ve gotten a few good credit card delinquency numbers, but there’s still little evidence that this section of the financial system is returning to health.
The latest numbers from Capital One (COF) show a return to weakness in January. Annualized net charge-offs jumped to 10.41% from 10.14% in December, and delinquencies rose to 5.80% from 5.78%.
Globally (incl. Canada and the UK) charge-offs were down, so at least consumers outside the US are doing better.