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Credit Card Defaults Keep Climbing

First Posted: 07/17/09 06:12 AM ET Updated: 05/25/11 02:30 PM ET

Credit Card Debt

CNN:

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.

Read the whole story: CNN

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Filed by Nick Graham  |