U.S. credit card delinquencies declined in the January collection period from a month earlier, though chargeoffs spiked, according to data released Wednesday by Fitch Ratings.

Fitch managing director Michael Dean said, "Until we see some meaningful improvement in employment numbers, consumer delinquencies and defaults will remain elevated at or near these levels." He added, "Delinquencies have stabilized in recent periods, but they are still high on a historical basis."

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