Massive Defaults Ahead ! Middle Class in Trouble ⛔Credit Card Defaults - White Collar job Cuts⛔
121It was a persistent fear in the credit-card industry: as forbearance programs ended and a government stimulus ran out, losses would climb. That hasn’t turned out to be true just yet.
Credit-card companies Synchrony Financial, Capital One Financial Corp. and Discover Financial Services said this week that delinquencies have remained low even as unemployment surged and the pandemic has prompted many states to restart shutdowns.
“That’s not going to last forever,” Discover Chief Executive Officer Roger Hochschild said in a telephone interview. “There’s real economic pain, on a broad basis, that will continue.”
With delinquencies low, some card companies said this week that they’re not expecting charge-offs to peak until next year. That’s partly due to the way credit-card companies account for losses. A customer has to be delinquent for six months before the card issuer can write off the loan.
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