First-quarter charge-offs on card loans reached 4.83% of loans outstanding, up 76 basis points from 4.07% in the first quarter of 2007.
The recovery rate on charged-off card loans exceeded 15.2% in the first quarter, down from a rate of 17.4% in the same quarter last year.
Approximately 2.29% of outstanding card loans were one or two payments past due during the quarter, from 1.91% in the same three months of 2007. Loans considered noncurrent – 90 days or more past due – equaled 2.38% of all card loans outstanding, compared with 1.93% a year earlier.
The dollar value of outstanding credit card loans whose payments were 30-89 days past due totaled $8.85 billion during the first quarter, up 30.9% from $6.76 billion during first-quarter 2007. Card loans past due 90 days or more totaled $7.68 billion, a 27.5% increase from $6.02 billion last year, according to the FDIC.
Financial institutions reporting to FDIC held nearly $386.9 million in credit card loan assets during the first quarter ended March 31, or 9.2% higher than the $354.2 billion they held during the same period last year, The number of financial institutions reporting in the March quarter were 8,454, compared with 8,649 institutions during first-quarter 2007.
