06/18/2009 05:12 am ET | Updated May 25, 2011

Credit Card Defaults Hit Record Highs In April

U.S. credit card defaults rose in April to record highs, with Citigroup and Wells Fargo posting double digit loss rates, as the recession slashed more than 2 million jobs since the beginning of the year.

"U.S. card credit quality continues to struggle," John Williams, an analyst at Macquarie Research, said in a note to clients.

Read more on Reuters