Credit card chargeoffs fell in September from a month earlier — the first such decline since June of last year — but overall card performance weakened further as delinquencies and payment levels continued to worsen, Standard & Poor's Corp. said.
The chargeoff rate fell 20 basis points, to 6.3%, S&P said Wednesday, but the balance percentage paid by the average cardholder fell 60 basis points, to 18.3%.
The 30-day delinquency rate rose to 4.7%, and the 60-day rate rose to 3.3%, the rating agency said.
S&P monitors the performance of more than $440 billion of receivables held in trusts of credit card-backed securities.
The receivables make up about 45% of U.S. revolving consumer debt, according to S&P.
