Credit card chargeoffs rise in November

[TwixVoy]

Source: Reuters

NEW YORK (Reuters) – Most U.S. credit card companies reported charge-offs rose in November after two months of declines in a sign that consumers remain under stress, sending shares down industrywide.

In a regulatory filing on Tuesday, JPMorgan Chase & Co (JPM.N), the largest U.S. issuer of Visa-brand credit cards, said charge-offs -- loans the company does not expect to be repaid -- rose to 8.81 percent in November from 8.02 percent in October.

It was the largest increase among the biggest credit card issuers, but not the only one.

Read more: http://news.yahoo.com/s/nm/20091215/bs_nm/us_creditcards

[DJ13]

1. Hows those increased interest rates working out for you guys?

Thats what I thought.

[Igel]

4. They'd probably still have lots of charge-offs with low interest

rates.

When people can't pay their minimum, it doesn't matter all that much what the interest rate is.

However, if it makes you feel better, look at it this way: The people whose debt is written off have it covered by those still able to pay. So the employed or reasonable well-off cover the debts of the unemployed and poor. It's just that it's not through the government, and the holding company gets a slice of the $.

[notadmblnd]

2. having a hard time feeling sorry for them knowing they can go to government with their hand out

and they'll cover it for them no questions asked. They'll still attempt to collect from the borrower and in many cases get it.

[roguevalley]

3. every person in this country needs to spend Jan-March not paying

their cards. Put the fear of god into them.

[tonysam]

5. No surprise here.

Kicked and rec'd.