The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: DebtBomb who wrote (191642)	3/18/2009 8:15:28 PM
From: RockyBalboa	Read Replies (1) of 306849

I think they had no choice. They had to press the nuke button: U.S. credit card defaults rise to 20 year-high U.S. credit card defaults rose in February to their highest level in at least 20 years, with losses particularly severe at American Express ... and Citigroup ... AmEx ... said its net charge-off rate ... rose to 8.70 percent in February from 8.30 percent in January. ... Citigroup Inc (C.N) ... default rate soared to 9.33 percent in February, from 6.95 percent a month earlier ... ... Chase ... reported its charge-off rate rose to 6.35 percent in February from 5.94 percent in January. ... Capital One Financial Corp's ... default rate increased to 8.06 percent in February from 7.82 percent in January. ... Analysts estimate credit card chargeoffs could climb to between 9 and 10 percent this year from 6 to 7 percent at the end of 2008.

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