Americans Continue to Pay Down Credit Card Debt

April 17, 2012, Written By Lynn Oldshue

Credit card delinquencies dropped again in March showing another decrease in borrowers that are late on their loan payments. Delinquencies and charge-offs are at their lowest levels since 2008, according to Fitch Ratings.

The American Express delinquency rate was 1.3%, down from 1.4% in February. The charge-off rate remained the same at 2.4%.

The Bank of America delinquency rate was 3.6%, down from 3.75% in February. The charge-off rate was 5.48%, down from 5.56%.

The Capital One delinquency rate was 3.25%, down from 3.62%. The charge-off rate was 3.85%, up from 3.84% in February.

The Chase delinquency rate was 2.56% in the first-quarter, down from 2.81% in the fourth quarter. The charge-off rate was 4.4%, up from 4.29% in the fourth quarter.

In March, Discover reported that the delinquency rate declined to 2.22% in the first quarter and the credit card net charge-off rate declined to 3.07%. Both of these were record lows for Discover.

Citigroup Inc. reported declines in both numbers for the first quarter.


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The information contained within this article was accurate as of April 17, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.