Bad Auto, Credit Card Debts Rise At Capital One
For more evidence that consumers are struggling as the economy sours, one need not go further than McLean-based Capital One.
In a monthly regulatory filing, the credit card giant and bank said on Monday that consumers had an increasingly difficult time paying off their credit card debt and auto loans in October.
The company's net charge-off rate, or the percentage of bad loans that won't be fully repaid, for the company's U.S. credit cards increased to 6.54 percent in October from 6.34 percent in September, the filing said.
The company's net charge-off rate for auto loans ticked up to 5.50 from 4.98 in September.
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