Chargeoffs among U.S. bank card accounts continued to improve in June, Standard & Poor's Corp. said Monday, as the figure fell below 10% for the first time since December in trusts it tracks.
The drop to 9.7% in June from 10.1% in May was helped by better employment figures, the ratings firm said. The amount of outstanding balance paid also increased, to 20.1% from 19.5%, pushing outstanding receivables down 1.8%, to $345.5 billion.
Delinquencies improved as well, with the 30-day and 60-day rates each falling 0.14 percentage point to 5% and 3.8%. Late-stage delinquencies dropped for the fourth consecutive month, reaching 2.7%.