Bankruptcy losses continue to remain near record levels for card issuers, however there was a slight decline during October. As a percentage of gross charge-offs, bankruptcy makes up nearly 48% of total card losses. According to the Administrative Office of the U.S. Courts, the total number of bankruptcy filings during the third quarter were 412,989, a 2.9% increase over 3Q/02. The 3Q/03 data were the second highest level of quarterly filings. During the second quarter a total of 440,257 filings were made. (CF Library 11/17/03)
Bankruptcy Card Losses
Note: Bankruptcy-related charge-offs as a percentage of gross
charge-offs. Excludes American Express and Discover.
Data are based on October performance data of each year cited.
Source: CardData (www.carddata.com)