Bank of America Jan. Card Payments Best in 2 Years

by Mercator Advisory Group 0

Bank of America continues to make progress in reducing credit card charge-offs, as are other major issuers. From a peak of 14.53%, reached in August of 2009, dramatic improvements have been noted.

The Charlotte, N.C., bank said in a regulatory filing Tuesday that the rate at which it wrote off credit card debt as uncollectible fell last month to 9.2 percent of balances at an annualized rate, from 9.31 percent in December.

The last time its default rate was that low was in February 2009.

Accounts delinquent over 30 days also continued to improve in January, and are currently at 5.17%. Industry charge-offs peaked in Q2 2010 at 10.37%.

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