Late credit card payments and chargeoffs rose in November, according to Standard & Poor's.
Chargeoffs grew to 6.7% of card accounts in the month, up 44% from the year earlier, S&P said in a report released last week. Payments were more than 30 days late at 5.1% of card accounts, up 20% from a year before, according to the New York rating company.
Credit card losses will rise as unemployment soars, S&P analysts said. Payrolls fell by 500,000 in December, bringing last year's decline in the number of people working to 2.4 million, the most since 1945, according to the median estimate of economists surveyed by Bloomberg News.