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.
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.