CHESSNOID

The public record on the number of  bankruptcies is on the rise which corresponds to increase of credit card delinquencies.  Even though we have reports that say delinquency is going down from the credit card companies, it is obvious they are being deceptive to their investors.  As long as unemployment stays high and continues to go higher, it is impossible for credit card companies to reduce net delinquency.

Associated Press:

WASHINGTON (AP) — Bankruptcy filings in federal courts jumped by more than one-third this year, as businesses and individuals struggled to regain their footing in a weakened economy.

New numbers from the Administrative Office of the U.S. Courts show about 1.4 million bankruptcy cases were filed this fiscal year. That’s up 34.5 percent compared with the more than 1 million cases filed last fiscal year. The bankruptcy figures cover a period from Oct. 1, 2008, to Sept. 30.

Filings under Chapters 7, 11, 12 and 13 all rose — particularly filings for Chapter 11 protection, which increased 68 percent. Overall, business filings were up 52 percent, while nonbusiness filings rose by 34 percent.

Bankruptcies is a reflection of delinquent debts including credit cards, unsecured loans and other types of credit.  This increase is expected because the economy is simply bad.