32% Credit Card Default Rate

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Mogul of Pineapples
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32% Credit Card Default Rate

Postby Mogul of Pineapples » Wed Apr 01, 2009 6:32 pm

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: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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