A. Myers

The year 2004 shattered records when it came to credit losses! Given the past few years that have seen credit card chargeoffs grow and stay at high levels, this comment most likely would be interpreted as, "Oh no, here we go again!" But this time it is actually excellent news for the card industry. Losses dropped from 6% of receivables in December 2003 to 5.2% in October 2004, putting 2004 on track to set a record in loss reduction once the final numbers are in.