Capital One credit card defaults increase

“Capital One Financial Corp’s (COF.N) U.S. credit card defaults rose in June as unemployment increased and Americans struggled to pay their debts, but the figures were better than expected and the company’s shares rose 3.2 percent.

In a regulatory filing on Wednesday, Capital One said the annualized net charge-off rate for U.S. credit cards — debts the company believes it will never collect — rose to 9.73 percent in June from 9.41 percent in May.”

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Tags: Capital One, Credit Cards, default, Linkedin