Credit Card Defaults Spike In March

You know, it’s kind of ridiculous to talk about the urgent need to extend more credit to US consumers, when they can’t even manage their current bills.

But we digress… Capitol One (COF), the big credit card issuer, said in a regulatory filing that credit card defaults jumped in March, hitting an annualized rate of 9.33%. That compares to just 8.06 in February, notes Reuters.

Between this and the big increase in foreclosures in March, it’s harder and harder to see how yesterday’s retail can seriously be considered a “surprise.”

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