Clouds Parting Over Credit Card Troubles

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Clouds Parting Over Credit Card Troubles

Blog Post Date: Feb 21 2010

Clouds Parting Over Credit Card Troubles

Kelsey Swanekamp,

With joblessness still hovering at 10 percent and household budget under pressure, credit card issuers and lenders are still taking profits from their loans to consumers. Developments in delinquency figures could signal that lesser numbers of credit card defaults are ahead though, even as net charge-offs increased to 10.5 percent in January.

The figure is not too far below the August peak of 10.8 percent, but in a more encouraging bit of data delinquency rates, a measure used by credit card companies to crystal ball future defaults, decreased to 5.8 percent and the dollar amount of those delinquencies also fell, leading some to speculate that fewer charge-offs are ahead.

"Barring a spike in bankruptcies or another leg up in joblessness, we continue to anticipate an industry cycle peak" to occur in the first quarter of 2010. Wednesday, Citigroup analyst Donald Fandetti wrote in a note.

Citigroup has a positive outloook on card issuer stocks, Fandetti said, reprising a buy on American Express ( AXP - news - people ) and Capital One Financial ( COF - news - people ). Fandetti also advised buying the stocks on any fallback.

The recent data from individual firms was the backbone of Citi's positive view.

Bank of America ( BAC - news - people ) saw a slide in both net charge-offs and delinquency rates. U.S. largest lender disclosed that late payments fell to the lowest level in a year--7.4 percent in January. Write-offs of uncollectible loans also declined, to 13.3 percent from 13.5 percent.

VIA Forbes

keyword: credit card

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Credit card companies look at consumers with endle Feb 28 2011 how do american platinum credit cards work How Do American Platinum Credit Cards Work? For countless of people platinum credit cards are an emblem of success. They are evidence to the world that you have garnered a certain high threshold in terms of earnings and credit rating. Additionally Feb 28 2011 Low Interest Credit Cards in America Low Interest Credit Cards in America High Savings from Low Rates Low interest rate credit cards provide remarkable significance to Canadian consumers. As household expenses keep on rising at a much faster rate than the earning of income, cuttin Feb 28 2011 credit card application in america Credit Card Application in America All-Purpose Credit Cards The plastic credit card which do have magnetic strip for identification and verification are carried by many people. They are using these credit cards as their wallets or purses which Feb 26 2011 Best Balance Transfer Credit Cards America Best Balance Transfer Credit Cards America A credit card balance transfer basically is moving the debt from one particular card to another credit card. It is regularly an excellent technique to set aside money for savings. Various credit card comp Feb 26 2011 Best MBNA Credit Cards America Best MBNA Credit Cards America MBNA Corporation is the parent company of MBNA America Bank, N.A., which is the United States division of MBNA Corporation, where initially, MBNA means Maryland Bank, N.A. MBNA offers a variety of credit card that Feb 25 2011 Cash Back Visa Credit Card America Cash Back Visa Credit Card America Visa credit cards are today are being offered by countless banks and credit card companies. These cards are presented to a client who doesn’t want to bring cash along with them always but utilize the credit as a Feb 25 2011 cash back mastercard credit card america Cash Back MasterCard Credit Card America Cash Back credit cards under MasterCard offers various types of rewards programs in which the cardholder will receive cash rebates equivalent to the particular percentage of the amount charged to the card o Feb 23 2011 Best Visa Credit Cards America Best Visa Credit Cards America Visa credit cards are offer by many banks and financial institutions. These cards are offered to client who doesn’t want to bring cash with them but instead use credit that their cards contain in their transaction ei Feb 23 2011 what is mortgage payment What is a Mortgage Payment? The Need for a Mortgage Loans Mortgage loans are generally taken by guaranteeing a real estate or any other property. The immovable asset serves as the security for the loan. The borrower has to put together regular ADVERTISING TOOLS Online Advertising Tools E-Promotion Software ARTICLES Fax Broadcasting Blog Article Archives RSS Feed FAX BROADCASTING Our Fax Service Plan Your Fax Campaign Fax Lists Info Document Specifications Prices of Faxing Faxing Scenarios SIC code lookup abrasive fax cash grains fax Canadian Credit Cards Company Profile Disclaimer Website Design and SEO HomeGrown Advertising Inc (1994)	Link Back to This Post Clouds Parting Over Credit Card Troubles Blog Post Date: Feb 21 2010 Clouds Parting Over Credit Card Troubles Kelsey Swanekamp, With joblessness still hovering at 10 percent and household budget under pressure, credit card issuers and lenders are still taking profits from their loans to consumers. Developments in delinquency figures could signal that lesser numbers of credit card defaults are ahead though, even as net charge-offs increased to 10.5 percent in January. The figure is not too far below the August peak of 10.8 percent, but in a more encouraging bit of data delinquency rates, a measure used by credit card companies to crystal ball future defaults, decreased to 5.8 percent and the dollar amount of those delinquencies also fell, leading some to speculate that fewer charge-offs are ahead. "Barring a spike in bankruptcies or another leg up in joblessness, we continue to anticipate an industry cycle peak" to occur in the first quarter of 2010. Wednesday, Citigroup analyst Donald Fandetti wrote in a note. Citigroup has a positive outloook on card issuer stocks, Fandetti said, reprising a buy on American Express ( AXP - news - people ) and Capital One Financial ( COF - news - people ). Fandetti also advised buying the stocks on any fallback. The recent data from individual firms was the backbone of Citi's positive view. Bank of America ( BAC - news - people ) saw a slide in both net charge-offs and delinquency rates. U.S. largest lender disclosed that late payments fell to the lowest level in a year--7.4 percent in January. Write-offs of uncollectible loans also declined, to 13.3 percent from 13.5 percent. VIA Forbes keyword: credit card Articles from February 2010 More articles from Year 2010 Comments (0)
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