Credit Card Delinquencies Up November, More Borrowers Struggling: Moody’s
More U.S. credit card users fell further behind on their payments in November, Moody’s Investor’s Services said Tuesday.The charge-off rate on U.S. credit cards, as measured by Moody’s Credit Card Index, rose to 10.56 percent last month after falling for the two previous months. October’s charge-off rate was 10.04 percent.The charge-off rate measures those credit card account balances written off as uncollectable, as an annualized percentage of total outstanding principal balance. The record-high of 10.76 percent was reached in June.The delinquency rate also rose, reaching 6.2 percent in November from 6.1 percent in October. That includes all credit card payments that are between 30 days and 180 days late, but have not yet been written off. This figured peaked at 6.4 percent reached in March.