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Fewer Late Payments Reported by Top Credit Card Companies

By: TaoCredit Staff Published: March 29, 2011

Some of the major credit card issuers have reported continuingly improving payment habits from their customers in the month of February. All top six credit card companies reported lower payment delinquency rates for the month. This is positive news for the industry, which is starting to see a vast improvement from the huge write-offs apparent two years prior.

Bank of America, Chase, Citibank, American Express, Capital One and Discover all submitted regulatory filings showing lower late payment rates in January. This is a trend that began early last year. As consumers continue their efforts to make their payments on schedule, decreases in delinquency rates are expected to continue. The decrease can also be attributed to the removal of chronic late payers who have had their credit cut off from the group of card users.