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Charge offs are rising among our largest credit card companies, up 8.81% in November, from 8.02% in October.
Here are specific bank reports:
- For Capital One (COF), charge offs rose to 9.60%, from 9.04%
- Capital One expects its charge offs to peak early next year.
- Discover Financial Services (DFS) rose 8.98%, from 8.54%.
- Bank of America (BAC) had the largest charge offs at 13%, down a tad from 13.22% in October.
- Bank of America late payments rose to 7.69% from 7.59%.
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