http://www.cnbc.com/id/30226033

"In a regulatory filing Wednesday, the company said the annualized net
charge-off rate for U.S. credit cards -- debts the company believes it will
never collect -- rose to 9.33 percent in March from 8.06 percent in February."

Un-friggin'-believable...think about those numbers for a minute - a company that
issues credit figures into its working model that 1 in 13 (the 8% number)
borrowers are going to be gone, with no recourse or collateral to the lender...

And AMEX and Citigroup are leading the pack with uncollectables, at slightly
higher numbers...

Sheesh,
R