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.
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