Summary
Credit card charge-offs surged at Capital One in May, rising almost 1 percent from the month before as customers continued to struggle with monthly bills amid the worst recession in decades.
The McLean, Va.-based credit card giant, which bought out Long Island's North Fork Bank in 2006, said in a regulatory filing Monday its U.S. credit card net charge-off rate, the percentage of credit card bills it does not expect to collect on, rose to 9.41 percent from 8.56 percent in April.See the full content of this document
Extract
Bad loans soar at Capital One in May
The charge-off rate would have been close...
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