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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: zonder who wrote (249017)	7/9/2003 1:29:33 PM
From: Giordano Bruno	Respond to of 436258

I'm going to take a nap later. Happy? -g-

To: zonder who wrote (249017)	7/9/2003 1:44:32 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

RELEASE: Moody's: US Consumer Credit Deteriorates New York, July 09, 2003 -- The credit performance of U.S. consumers weakened again in May 2003. Compared with this time last year, all five of the major performance metrics worsened. These findings are detailed in Moody's Credit Card Credit Indexes for May 2003, which track $380 billion of U.S. bank credit card loans backing securities rated by Moody's. May 2003 Chargeoff Rate Rose to 7.05% In May 2003, the chargeoff rate rose to 7.05%, up from 6.46% in May 2002. The relatively weak economy, especially with respect to the job market, continued to make it more difficult for consumers to repay their debts. The unemployment rate rose to 6.1% in May - the highest rate in nearly nine years. As further evidence of this difficult economic environment, May bankruptcy filings were up about 10% from year-ago levels. Bankruptcy-related write-offs have historically accounted for about one-half of the chargeoff rate. May 2003 Delinquency Rate Increased to 5.20% The May 2003 delinquency rate, which measures the proportion of account balances for which a monthly payment is more than 30 days late as a percent of total balances, rose to 5.20% from 4.86% a year ago. The rate of change in the year-over-year delinquency rate has risen in the last four consecutive months. May 2003 Yield Fell to 17.00% Yield (the annualized percentage of income, primarily finance charges and fees, collected during the month as a percent of the total loans) fell to 17.00% from last year's rate of 17.92%. The yield has fallen on a year-over-year basis for 22 consecutive months, and hit a record low of 16.50% in April 2003. Most of the drop in yield is attributable to low interest rate environment as well as issuers' aggressive teaser rate offers. May 2003 Payment Rate Fell to 15.31% In May 2003, cardholders paid back their debts at a monthly rate of 15.31%, just under the rate of 15.62% in May 2002. The payment rate has been remarkably stable throughout the most recent economic downturn and has generally remained within the historically high range of 14% - 16% for the last four years. Excess Spread Narrowed to 5.65% Excess spread, which is a proxy for profitability of securitized credit card portfolios, narrowed from year-earlier margins for the eighth consecutive month. In May 2003, the one-month excess spread was 5.65%. The long-term historical average excess spread is approximately 5.25%.