Bank of America Credit Card Defaults Rise

The Bank of America credit card charge-off rate raised to 13.82 %.

BANK-OF-AMERICA

There has been recorded a fall of 4% in shares in premarket trading.

The details are that Bank of America Corp, which is considered to be the largest U.S. bank, has told on Monday that credit card defaults rise in July, due to the reason that more Americans lost jobs and many people continued to struggle to pay down their debts.

According to a regulatory filing, the credit card charge-off rate rose to 13.82% in July which were 13.81% in June.

In premarket trading Bank of America’s shares fell 4% to $16.71.

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