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US credit card delinquencies at record high


US credit card delinquencies hit a record high in January, and further deterioration is likely as the economy slows down and unemployment rises, Fitch Ratings says.

Credit card lenders also wrote off loans to delinquent borrowers at close to record levels, and such “charge-offs” were expected to breach records in the coming months.

Securities backed by credit card receivables have rallied in recent weeks, in part because of such lower cost funds, and as investors look forward to the launch of a new Federal Reserve programme to lend against such asset-backed securities.

Credit card lenders have also suffered as consumers rein in their spending.

delinquency (支払い・職務などの)怠慢; 滞納

write off (負債などの)取り消し

breach 突破する

rally (気力・景気などの)回復

rein in 〈…を〉制御する, 抑制する

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