Major credit card issuers report record defaults

06/16/2009 | Reuters

Credit card defaults hit a record high last month, signaling that consumers are still under pressure despite some signs of economic optimism. "You need to see stabilization in unemployment before you see anything else," said Chris Brendler, an analyst at Stifel Nicolaus. "It is too early to see some kind of improvement." Delinquency rates fell in the month.

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