Record Credit Card Charge-offs

05/03/2009 05:12 am ET | Updated May 25, 2011

NEW YORK -- Credit card write-downs soared to record levels in February, representing an all-time high in the 20-year history of the Moody's Credit Card Index, as job losses mounted, the rating agency said Wednesday.

Credit card charge-offs, the write-down of uncollectable debt, advanced decisively to 8.82% in February, marking the sixth consecutive month of increases. The level, is more than 300 basis points higher than a year ago.

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