US Consumer Credit Worsens in December
Reuters is reporting that Fitch Ratings latest report on US consumer credit for December indicates that credit card defaults rose with chargeoffs up 31 percent vs. the same month a year ago. In addition, monthly repayment rates on outstanding credit card debt declined 246 basis points sequentially from November to 15.96%. "The outlook is gloomy, as consumers struggle with a deepening recession and the highest unemployment rates in 15 years."
Add your comment... (note that all comments are reviewed before they're published)