| October 19, 2010

Credit debt lessens in September

Citibank said this week its total number of charge offs, credit card debt issuers do not think is collectible, declined this month.

After reaching an apex in August at 11.18 percent, charge offs fell to 8.99 percent.

Citibank’s report noted the sharpest improvements of any other major bank for September, according to the report by Businessweek. During that time, the bank saw its delinquency rate, credit card debt 30 days past due, declined as well.

September’s late balances composed less than 5 percent of all of Citibank’s accounts, dropping from 4.95 to 4.93 percent from August to September, the news source reports.

The report also detailed the third-quarter success of the company, which posted earnings of $2.2 billion, it’s third profitable quarter in a row.

“I’m not trying to minimize their achievements,” Moshe Orenbuch, a banking analyst at Credit Suisse told the New York Times. “Consumer losses are moderating, but Citi’s recovery still has a way to go because unemployment is still high and the housing market could turn around on us.”

Citibank received a $45 billion bailout in 2008, following the financial crisis. Taxpayers still own 12 percent of the company.

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