Credit Card Delinquency Rates Fall Again
Credit card delinquency rates fell again in March as consumers continue to pay down credit card debt in a timely manner. Five of the top six credit card issuers reported lower delinquency rates in March than in February.
Discover was the only exception as their delinquency rates remain unchanged.
Delinquency rates represent the percentage of credit card accounts which are at least 30 days overdue.
- JP Morgan Chase delinquency rate fell from 1.86% in February to 1.80% in March.
- American Express delinquency rate fell from 1.3% in February to 1.2% in March.
- Bank of America delinquency rate fell from 3.00% in February to 2.88% in March.
- Capital One delinquency rate fell from 3.68% in February to 3.37% in March.
- Citi delinquency rate fell from 2.28% in February to 2.17% in March.
- Discover delinquency rate remained unchanged at 1.8%.
Lower delinquency rates show consumers are continuing to pay off their debt, while banks are still limiting their lending risk.
Earlier this month, the American Bankers Association reported a drop in delinquencies on bank-issued credit cards from 2.75% to 2.47%, an 18-year low.