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Card Losses Jump at Cap One
What’s in Capital One’s wallet? Less money and more problems.
Charge-off rates for its credit card portfolio rose 15% in March, to 9.33%, compared with a month earlier. Charge-off rates generally are expected to follow the unemployment rate, which currently stands at 8.5%. A higher charge-off rate could potentially spell more bad news for the economy.
The news at Cap One wasn’t all bad. Charge-off rates on its auto loan portfolio dropped to 4.08% from 4.44% a month earlier.
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