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Credit card charge offs fell in October
By Marvin Milner on Dec 13th, 2010
The number of charge offs among the nation's largest credit card lenders dropped from September to October, the latest monthly statistics from Fitch Ratings said, according to Dow Jones Newswires. However, those rates have held higher than normal levels, the company said.
Overall, charge offs among consumers fell 0.02 percentage points to 9.2 percent in October, marking a 19-month low, and nine percent lower than the rate observed in the same month last year, the report said. However, had Citi not changed its charge off policy, that number would have been even lower.
Fitch managing director Michael Dean noted recent trends indicate that charge offs will likely continue to retreat over the next few months, and the national quality of consumer credit will continue to improve even as unemployment rates remain unusually high, the report said.
National unemployment and charge off rates, which once moved more or less in unison, are no longer behaving that way. Many jobless individuals have likely been flushed from the credit system entirely in recent months.
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