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Credit card charge-off rate climbs again

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Wednesday, December 30, 2009

CREDIT

Credit card charge-off rate on the rise again

More U.S. credit card users fell further behind on their payments in November, Moody's Investors Service said. The credit card charge-off rate, as measured by Moody's Credit Card Index, rose to 10.56 percent last month after falling for the two previous months. October's charge-off rate was 10.04 percent.

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The charge-off rate measures those credit card account balances written off as uncollectable, as an annualized percentage of total outstanding principal balance. The record-high of 10.76 percent was reached in June.

The delinquency rate also rose, to 6.2 percent in November from 6.1 percent in October. That includes all payments that are 30 to 180 days late but have not yet been written off. This figured peaked at 6.4 percent in March.

-- Associated Press

LEGAL

Outback pays to settle sex bias suit

Outback Steakhouse agreed to pay $19 million to settle a sex-discrimination lawsuit filed by the Equal Employment Opportunity Commission on behalf of female employees.

The restaurant chain, owned by private-equity investor Bain Capital, admitted no wrongdoing. The company said that settling the suit with money provided by insurance coverage was preferable to further litigation.

Outback, with 950 restaurants worldwide, discriminated against its female workers by denying them equal opportunities to advance, the EEOC alleged.

The company agreed to start an online application system for employees interested in managerial jobs .


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