A news report suggests that there is a decline in the charge off on credit card debts, but the rate of people with more than 30 days overdue are increasing day by day. A financial recovery is required as the nation is suffering from a shaky economic balance. One of the reason being the rising level of unemployment which had led to the high and still rising cause of delinquency in the payment for the credit card holders. There is however an increase in the delinquencies for credit card as it has been observed by the economists that unemployment will probably not get decreased by the next year. The Industry wide charge offs was something like 3.1% in the first half of the year 2006, but as of now, the charge off rates are shocking as they tend to rise higher and higher. Delinquency or late payment is the first sign that a customer is struggling and might eventually declare bankruptcy or go for settlements. This comes on top of the foreclosure and commercial real estate. Bank of America's charge-off rate is higher than the third-quarter industry average of 10.2%, although that figure's shocking enough all by itself. The stock market's been picking up steam and bank stocks are on the rise these days, but stories and stats like this provide a sobering reminder that there are still very deep cracks in the American economy.