Banks' Credit Card Charge-off Rate Over 7% in October

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00014223-banks-credit-card-charge-off-rate-over-7-/

According to a report by CardWeb.com today, credit card charge-offs by banks reached 7.03% in October, by far the highest level in 2005. A rush of bankruptcy filings were to blame for the large numbers. The report also cautioned that the worst may not be over and that the coming months could see unusually high charge-offs as well.

For the complete story, please visit http://www.cardweb.com/cardtrak/news/2005/december/19a.html.