F2 Anonboard :: Outstanding credit-card debt dropped an eye-popping $93.2 billion to about $876 billion

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Topic: Outstanding credit-card debt dropped an eye-popping $93.2 billion to about $876 billion - charge-offs were$83.3 billion

Loss_Leaders
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Posted 3/14/2010 1:01 am

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Posted 3/14/2010 1:03 am

It's true.

http://www.marketwatch.com/story/write-offs-are-driving-decline-in-credit-card-debt-2010-03-09

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Posted 3/14/2010 1:05 am

Holy shit, this is bad...

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ever_victorious_ehen
Running the Velt

3137 posts

Posted 3/14/2010 1:18 am

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Posted 3/14/2010 2:18 am

Overall credit-card charge-offs as charted by Moody's Credit Card Index shot up to 11.15% in January, compared with 10.32% in December. Moody's expects charge-offs to peak at close to 12% over the next several months, eclipsing an all-time high of 11.5% in August.

If there is a silver lining, it's that there are some signs that the rate of late payments -- those 30 days past due -- is starting to slow. Bank of America, the largest U.S. lender, reported that 7.35% of accounts were past due in January, the lowest level in a year.

:lol: