Mish's Global Economic Trend Analysis Sun 2009-09-20 11:08 EDT
Bank of America, Citigroup, Credit Card Defaults Soar To New Highs
Last month's improvements in credit card defaults appears to be an outlier. Credit card defaults have resumed their natural tendency to track rising unemployment...Unemployment is likely to rise for another year, then flatten out so it is likely that card defaults keep rising for quite some time.
America; bank; Citigroup; Credit Card Defaults Soar; Mish's Global Economic Trend Analysis; new highs.