Credit card defaults up, delinquencies fall: Fitch
NEW YORK (Reuters) – Credit card defaults rose to record highs in April, as Americans lost their jobs and struggled with a deep recession, but delinquencies fell for the first time in five months, suggesting losses could stabilize in the coming months, Fitch Ratings said on Thursday.
Fitch’s prime credit card chargeoff index — which measures loans the companies do not expect to be paid — climbed 77 basis points to 9.66 percent, its third consecutive record result. It is up 51 percent from a year ago.
