Citi February Credit Delinquencies Rise

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Citigroup (C) just added some more discouraging statistics to the pile of February’s mixed news on credit cards, reporting that credit delinquencies in total rose to 5.94% from January’s 5.75% level. February delinquencies rose to 3.5% from 3.09% the month prior.

The announcement follows on dispiriting data from Bank of America (BAC), and American Express (AXP). As chronicled by Dow Jones Newswires’s Kerry Grace Benn earlier today, B of A said February charge-offs — debts deemed unrecoverable — rose to 13.5% from 13.25% in January, while delinquencies dropped to 7.23% from 7.35%. Charge-offs at American Express rose to 7.4% from 7%, the company said.

Capital One Financial (COF), on the other hand, said charge-offs among U.S. card customers were down, at 10.2% from 10.4% in January. 30-day delinquencies fell to 5.5% from 5.8% in January.

MarketBeat’s Matt Phillips has a run-down on some Street reaction today.

Citigroup shares were off 4 cents at $3.93 in late-afternoon trading.



Original Article Source by Barrons.com