Credit card chargeoffs dropped in August for the second consecutive month, according to Fitch's credit card performance index.

The Fitch index, based on $140 billion in securities backed by credit card receivables, showed a chargeoff rate of 5.19% in August, off from 5.48% in July and down from a yearlong high of 5.57% in June.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.