| August 16, 2010

Capital One reports drop in credit card delinquency rate

Capital One, a leading credit card issuer, is reporting an 8.13 percent decline in charge offs in July. This is the fourth straight month that the company has seen a decrease, proving that Americans are finding less trouble repaying credit card debt.

The net charge-off rate is the amount of debt that credit card issuers do not expect to see paid back. In June, Capital One had a rate of 9.28 percent. This marked the large drop in July, according to Reuters.

The company is the third-largest U.S. issuer of Visa-branded credit cards and the fifth-largest issuer of MasterCard-branded cards. Accounts at least 30 days delinquent – an indicator of future loan losses – declined to 4.66 percent from 4.79 percent.

For auto loans, Capital One’s charge-off rate was 2.6 percent in July, down from 2.72 percent in June. According to Reuters, the delinquency rate fell marginally to 7.72 from 7.74 percent, showing that Americans are having less trouble with loan repayments as well.

Consumers who choose to apply for loans or lines of credit should repay debt in a timely manner to avoid credit score damage.

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