Fitch says US card losses hit 10.4 pct in June -FT

July 1 (Reuters) - Fitch Ratings said U.S. credit card losses hit a record 10.44 percent in June, squeezing profit margins for credit card securitizations to a 10-year low, the Financial Times reported.

Fitch said profit from off-balance sheet vehicles backed by credit loans in June fell below the 5 percent threshold for the first time since November 1998, the paper said.

A spokesperson at Fitch said the report would be issued later on Wednesday.

Last week, Moody's Investors Services said U.S. monthly credit card charge off rate -- the percentage of debt it does not expect to be repaid -- surpassed 10 percent and hit a sixth straight record high in May.

Credit card companies enjoyed hefty gains during the credit boom, but are now losing billions as debt-burdened Americans lose jobs and default on credit card payments. (Reporting by Tenzin Pema in Bangalore; Editing by Dan Lalor)