Credit card delinquency and charge-off rates continued their upward climb on a sequential and year-over-year basis in January, according to the latest data gleaned by Moody's Investors Service.

In January, charge-off rates reached 5.48%, the highest level since December 2006, when a change in the consumer bankruptcy law caused charge-off rates to temporarily spike, according to information tracked by the Moody's Credit Card Indices. The January level is also slightly higher than the long-term average of 5.42%. Those rates, which are expected to rise throughout 2008, might rise to the upper limits of the rating agency's performance expectations by yearend, according to Moody's.

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