Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
What is the default rate on credit cards? It is now at 32% according to the latest reports issued today. One out of every three credit cards has been defaulted on. Economists predict this number to grow to approximately 4 out of every 5 cards (78%) by summer. If you actually believe what I'm writing - don't, because it's an April fools joke. Ha!
But on the real news front, Moody's did announce today that credit card defaults are at a record high; the highest amount ever recorded since they have been compiling this data for 20 years. According to them it's now at 8.82% and is expected to rise with inflation to peaking at 10.5% during the beginning of 2010.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
Current Cards: American Express:
Blue Cash, Simply Cash Bank of America:
WorldPoints Platinum Plus Chase:
Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi:
Thank You Premier, Dividend Platinum Select Discover:
MorePrimary Everyday Card: American Express Blue CashPrimary Travel Card: Chase Sapphire Preferred