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US credit card delinquencies hit a record high in January, and further deterioration is likely as the economy slows down and unemployment rises, Fitch Ratings says.
Payments at least 60 days late rose almost half a percentage point last month to a record 3.75 per cent, said Fitch. Credit card lenders also wrote off loans to delinquent borrowers at close to record levels, and such “charge-offs” were expected to breach records in the coming months.
Originally posted by jam321
Have you notice that the banks are hoarding the money, reducing credit limits, and increasing interest rates. Yet Congress has yet to say anything about the higher interest rates?
One would think that the least they could do for the average Americans is to pass a law drastically reducing the amount of interest that can be charged on these cards.
Guess they enjoy watching these businesses screw us over any way they can.