Top Card Issuers’ Charge-Offs Rise 19% in Q3    
Industry News

Source: CreditandCollectionsWorld.com and SourceMedia, Inc.

Top U.S. credit card issuers saw their third-quarter charge-offs rise 19.5% compared with those in the same period of 2006, according to an analysis by CCRNewsline.

Top issuers – including Bank of America, JPMorgan Chase, American Express, Citigroup, Capital One, Wells Fargo & Co., Discover Financial Services, Washington Mutual Inc., U.S. Bancorp and Advanta Corp. – reported combined charge-offs of nearly $6.42 billion in the three months ended Sept. 30, compared with $5.37 billion in the same quarter a year ago.

Advanta, a business card issuer, had the biggest increase in charge-offs, at 53.9%, followed by American Express (up 40%) and U.S. Bancorp. (up 37.5%). Chase and Discover had the lowest increases in card account charge-offs, at 6.5% and 8.3%, respectively.

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