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Bank charge-offs — loans written off as uncollectable — have reached $116 billion year to date, or 2.9 percent of outstanding loans on an annualized basis, Moody's said in a report.
By comparison, bank charge-offs were about 2.25 percent in 1932, the third year of the Great Depression, Moody's said.
Charge-offs climbed to $45 billion in the third quarter from $40 billion in the second quarter and $31 billion in the first, Moody's said.
On an annualized basis, charge-offs were about 3.4 percent of outstanding loans in the third quarter, matching the Great Depression peak in 1934, Moody's said.
US Bank Charge-Off Rates Exceed Those of Great Depression, says Moody's Investors Service - Economy * US * News * Story - CNBC.com (http://www.cnbc.com/id/33481862 - broken link)
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