Reuters alone with news of surge in credit card defaults

Reuters was alone on June 15 in reporting that credit card defaults rose to fresh record highs in May. While Bloomberg only focused on Capital One and American Express data, Reuters published a comprehensive analysis of the industry overall, suggesting that consumers remain under severe stress. Reuters was alone reporting that Bank of America’s credit card losses climbed to much higher-than-expected levels in May. Dow Jones was unseen on the issue until the next day.