UPDATE 1-JPMorgan says credit card spending slowed in Dec.

NEW YORK, Jan 16 (Reuters) - JPMorgan Chase & Co Inc (JPM.N: Quote, Profile, Research, Stock Buzz) saw credit card spending slow in December, the bank's chief financial officer said on Wednesday.

CFO Mike Cavanagh also told reporters the No. 3 U.S. bank is well reserved for credit losses, as home-equity loan defaults continue to rise.

JPMorgan said it added $2.3 billion to its credit loss reserves in 2007. Its total now stands at $10 billion.

The bank's charge-off rate in its card services division continues to climb. In the fourth quarter, the charge-off rate, which reflects credit losses, was 3.89 percent. Cavanagh said that figure could climb to 4.5 percent during the first half of 2008. (Reporting by Tim McLaughlin; Editing by John Wallace)