CHARLOTTE, N.C.—Credit card charge-offs continue to increase.
Bank of America's net credit card charge-offs increased to $739 million, up from $640 million this time last year, Value Penguin reports.
Comparing credit card charge-off figures from this year's second quarter to last year's reveals a 10% increase in credit card charge-offs for Bank of America and a similarly alarming 9% increase for JPMorgan Chase, Value Penguin noted.
“So, JPMorgan Chase and Bank of America's quarter two results hint that more and more Americans are struggling to repay their credit card debt,” Value Penguin said.