Capital One Card Charge Offs Hit 9.33% Annualized

Some very ugly credit card charge-off data just out from Capital One. The February annualized rate of 8.06% has spiked by over 1% month-over-month to the current 9.33%, a very troubling deterioration, especially as to what it may portend for delinquency data from bigger brothers such as AXP, but also for the credit card securitization market as well as for upcoming rating agency actions on not just this name, but the entire credit card industry. But at least the TED spread is down.

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