US credit card defaults rocket

<div>US credit card defaults rose to record highs in May, with a steep deterioration of Bank of America&rsquo;s lending portfolio, in another sign that consumers remain under severe stress. Delinquency rates &ndash; an indicator of future credit losses &ndash; fell across the industry, but analysts said the decline was due to a seasonal trend, as consumers used tax refunds to pay back debts.</div>