Capital One Financial (COF) keeps waiting for its U.S. credit-card holders to become comfortable with a bit more debt. It's been a long delay, and one that will likely continue well into 2014.

Capital One's U.S. card business saw a 12% decline in loan volume last year, the company announced Thursday. Even after excluding unusual events, including the sale of a store-branded loan portfolio to Citigroup (NYSE: C), credit card loan volume fell by 1%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.