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Rant & Rave Blog

UPDATE 1-Capital One card defaults rise in March

Posted by InTheMoneyStocks.com Tuesday, April 14, 2009, 08:00PM ET

Read 404 times

UPDATE 1-Capital One card defaults rise in March* U.S. credit cards defaults rise to 9.33 percent

* Auto loans default rate falls to 4.08 percent

* International cards bad loans rise to 8.67 percent

NEW YORK, April 15 (Reuters) - Capital One Financial Corp (COF.N), a leading issuer of MasterCard and Visa credit cards, said on Wednesday that credit card defaults rose in March in the United States as unemployment soared to a 25-year peak.

In a regulatory filing, the company said the annual net charge-off rate -- a measure of credit default -- for U.S. credit cards rose to 9.33 percent in March from 8.06 percent in February, but the rate for loans at least 30 days delinquent fell slightly to 5.08 percent from 5.10 percent.

In auto loans, Capital One's charge-off rate fell to 4.08 percent in March from 4.44 percent in February, while the delinquency rate was stable at 7.52 percent.

In international operations, the charge-off rate rose to 8.67 percent in March from 7.20 percent in February, while the delinquency rate rose to 6.25 percent from 6.16 percent.

Capital One shares are down almost 50 percent in 2009. However, the stock has more than doubled its price from a 13-year low in the last month. (Reporting by Juan Lagorio, editing by Lisa Von Ahn)

© Thomson Reuters 2009 All rights reserved

http://www.reuters.com/article/marketsNews/idINN1543264820090415?rpc=44

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