Capital One Says Credit Card Defaults Rose Slightly in September
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.
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.