U.S. credit card defaults rise to record high in May

[sarcasmo]

Source: Reuters

Snip< U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America Corp's (BAC.N) lending portfolio, in another sign that consumers remain under severe stress.

Delinquency rates -- an indicator of future credit losses -- fell across the industry, but analysts said the decline was due to a seasonal trend, as consumers used tax refunds to pay back debts, and they expect delinquencies to go up again in coming months.


Snip< The bank is paying the price of expanding rapidly in recent years and of holding one of the highest concentrations of subprime borrowers among the top card issuers, analysts said.

Read more: http://news.yahoo.com/s/nm/20090615/bs_nm/us_creditcards

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Hard to feel sorry for "the bank paying the price".