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.

Some analysts cautioned that it is premature to say banks have resolved their consumer credit problems. Mario W. Verna, fixed-income analyst at Fitch Investors Service, said improvement could be attributed to banks issuing cards more selectively and tracking consumer debt more closely.

He added that two months of lower chargeoffs does not necessarily mean the consumer credit problem is ending.

"We've seen movement like this before," Mr. Verna said. "It's too early to tell if this is a trend."

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