Started by EvadingGrid, Oct 09, 2017, 03:11:20 AM
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QuoteResendiz noted the recent second quarter net credit card default numbers rose for Bank of America and JPMorgan. In an otherwise rosy report, the amount of in-default charge card bills rose by 10 percent and 9 percent respectively, compared with the same period in 2017.But JPMorgan charge-off rates remain "low" on a historical basis, said spokeswoman Betty Riess.The latest numbers also come at the same time that those with the poorest credit card records — subprime borrowers — saw their credit card debt increase by 26 percent, ValuePenguin said.Another observer, LendingTree.com, noted a $16.25 billion increase in revolving debt in May. "This was the biggest May jump since 1995," it said. Revolving debt is the card debt that is carried from month to month, usually at high interest rates because a card, unlike a house, is an unsecured debt.Revolving and non-revolving debt is currently at $3.86 trillion, LendingTree said. It predicts it will pass $4 trillion this year.