Credit Card Chargeoffs Rise to Over 10%

Wow, the credit loss numbers keep getting worse and worse. And although a lot of observers like to attribute banks slashing credit lines and jacking up rates to pending pro-consumer rule changes, the more obvious culprit is their hemorrhaging portfolios. Banks tend to close the credit gate after the horse is in the next county, and are doing their best to bleed improve profits on their non-deadbeats. From Reuters : The U.S. monthly credit card chargeoff rate surpassed 10 percent and hit a s