Americans Continue to Pay Down Credit Card Debt
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.