U.S. credit card delinquencies fell in August as the six top issuers reported improved numbers, according to Moody's Investors Service.
Delinquent accounts, the rates at which customers are making payments late by 30 days or more, dropped to 4.70% in August from 4.93% in July, Moody's said Monday. Delinquencies are usually a sign of future loan losses - meaning chargeoffs could improve in the coming months.
Chargeoffs for the six top issuers overall climbed to 10.03% in August from 9.3% in July, reversing a trend of several months of decline. The top six issuers are JPMorgan Chase & Co., Citigroup Inc., Capital One Financial Corp., Discover Financial Services, Bank of America Corp. and American Express.
Collections & Credit Risk reported details from their specific August regulatory filings earlier this month, see story.