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Delinquencies grow at credit card firms: Goldman

Delinquencies grow at credit card firms: Goldman ( AXP COF DFS ) (by Greg Morcroft)

NEW YORK (MarketWatch) -- Goldman Sachs analysts said on Tuesday that while losses fell at all five credit card firms it tracks, delinquencies, payments more than 30 days late, rose at all the firms for the first time in almost two years. Goldman said it expects delinquencies to grow over the next few months. "Losses fell 11% month to month to 3.90% as elevated recovery rates continue to push net charge offs lower for some. While higher delinquencies will mean higher losses in 2012, losses have room to decline further," the analysts said. They said American Express Co. (axp) remains their favorite pick among the credit card firms as the company is set to report financial results tomorrow.