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Credit Card Charge-Offs Remain at Recession-Era Levels Despite "Booming" Economy


Added 05-23-19 12:42:02pm EST - “Smaller banks getting bogged down in losses” - Infowars.com

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Posted By TheNewsCommenter: From Infowars.com: “Credit Card Charge-Offs Remain at Recession-Era Levels Despite “Booming” Economy”. Below is an excerpt from the article.

Last week we highlighted the rising level of auto loan delinquencies and the growing number of student loan borrowers who can’t make their payments.

This week, we got some more bad news for lenders. Subprime credit card charge-offs remain at levels reminiscent of the Great Recession.

In the first quarter of this year, credit card charge-off rates at all but the largest 100 banks remained above 7% for the sixth quarter in a row. During the peak of the recession, the charge-off rate at these banks was above 7% for just four quarters, and not consecutively.

The Q1 charge-off rate ticked down slightly to 7.37%, but that wasn’t a big enough drop to push it below that 7% level.

The credit-card charge-off rate at the largest 100 banks rose to 3.78%, according to the latest data released by the Federal Reserve. That’s the highest level since the first quarter of 2013. For all commercial banks combined, the charge-off rate rose to 3.83%, the highest since Q4 2012.

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