NEW YORK—The nation’s two biggest banks are reporting rising delinquency rates on their credit cards. The announcements are in keeping with what is being seen elsewhere. As CUToday.info reported here, the Federal Reserve Bank of New York has released new data showing card delinquencies are rising.
Both Bank of America and JPMorgan Chase said in filings with the Securities and Exchange Commission (SEC) that their delinquency rates rose in January, two days after Discover Financial did the same, Pymnts.com reported.
Bank of America reported that from December to January, its Master Credit Card Trust II’s delinquency rate rose from 1.03% to 1.09% and its net charge-off rate increased from 1.43% to 1.50%.
JPMorgan Chase said that during those same months, its credit card delinquency rate rose from 0.76% to 0.83% but its net charge-off rate dipped from 1.24% to 1.17%, Pymnts.com said, citing a report from Seeking Alpha.
“This news came two days after Discover Financial reported that its credit card delinquency rate has been rising each month since May 2022 — reaching 2.67% in January — and its net charge-off rate was the highest it had seen since February 2021 as it hit 2.81% in January,” Pymnts.com said.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com