Bank of America, Citigroup, Credit Card Defaults Soar To New Highs
Last month’s improvements in credit card defaults appears to be an outlier. Credit card defaults have resumed their natural tendency to track rising unemployment.
Inquiring minds are reading U.S. credit card defaults up, signal consumer stress.
Bank of America Corp and Citigroup Inc customers defaulted on their credit card debts in August at the highest rates since the onset of the recession, a sign that the banks’ consumer lending woes are far from over.
The next to drop is commercial real estate. The bubble has burst and banks are taking hits again…watch out!