BUSINESS
07/17/2009 05:12 am ET | Updated May 25, 2011

Credit Card Defaults Keep Climbing

Banks continue to write off credit card debt as consumers hurt by record high unemployment default at an increasing rate.

Regulatory forms filed this week by some of the nation's largest banks showed default rates on credit cards rose in May. The default rate is a measure of loans that the bank does not expect to be repaid.

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