The annual rate of industrywide credit card chargeoffs surpassed 10% last month, Moody's Investors Service Inc. said Wednesday, for the first time in the more than two decades it has tracked the statistic.

Chargeoffs hit a fresh high for the sixth consecutive month, rising to 10.62% in May, from 9.97% in April and 6.41% a year earlier.

Moody's senior vice president William Black said the rating agency expects the rise in chargeoffs to slow in coming months, though it still expects a peak of about 12% in the second quarter of 2010.

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