Capital One Says Credit Card Defaults Rose Slightly in September

Capital One (COF) said its credit card defaults rose slightly in September, a sign that more people may be struggling to repay their debts.

Capital One said its annualized net charge-off rate, a measure of the debts the company does not expect to ever be paid off, was 8.38% in September, Reuters reported. The rate was 8.19% in August.

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Capital One is the third-largest U.S. issuer of Visa-branded credit cards and the fifth-largest MasterCard credit card issuer.

Accounts that were at least 30 days delinquent, a measure of future losses, fell slightly to 4.53%.

Persistently high unemployment and weak economic growth have put a squeeze on family incomes and could lead to higher rates of credit card delinquency.

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