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Fewer Americans Falling Behind on Credit Card Payments

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Debtpayoff_Morgan_CCFlickrBanks wrote off fewer debts as uncollectible in March, continuing a trend that was interrupted briefly in February. According to Moody’s Investor Service, banks wrote off 7.35 percent of all credit card debt in March, down from 7.56 percent in February and 7.45 percent in January.

Moody’s said it expects the credit card charge-off rate to continue dropping in the coming months as consumers recover from the recession, Forbes magazine reported.

The early stage delinquency rate, which measures people who missed just one credit card payment, dipped below 1 percent in March, its lowest level since early 2000, Moody’s found. The total delinquency rate of all people who are more than 30 days late on their payments fell for the 17th continuous month, to 3.79 percent.

[Consumer Resource: Tips for Paying Off Credit Card Debt]

Image: Morgan, via Flickr.com

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