The recession on Main Street continues as data today showed the public debt hindrance continues to hurt consumer balance sheets. Capital one reported charge-offs rose to 10.14% from 9.6% last month. Their delinquency rate declined to 5.78% from 5.87%. Discover Financial said charge-offs declined to 8.68% from 8.98% last month while their delinquency rate declined to 5.49% from 5.65%. American Express reported improvement across the board as charge-offs declined to 7.1% from 7.6% and delinquencies declined to 3.7% from 3.9%. Bank of America reported charge-offs of 13.53% vs 13% last month. JP Morgan reported charge-offs of 7.11% vs 8.81% last month.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.