| December 16, 2010

Delinquencies fall, but charge offs rise in November

In recent months, consumers have gone to great lengths to reduce delinquencies with their credit card companies, while these issuers in turn have been able to reduce charge offs as a result.

However, recent results from a Capital One report contradict part of this recent trend, saying that delinquencies on credit cards fell in November, while charge offs rose.

Capital One, one of the largest issuers of Visa- and MasterCard-branded credit cards, said the delinquency rate – late payments overdue by at least 30 days – fell to 4.26 percent, down from 4.45 percent in October, according to a report by Reuters.

Despite this decline, the annualized net charge off rate on consumer debts rose 30 percentage points to 7.56 percent over the course of the month, the news source says. Charge offs on auto loans also increased slightly, rising from 2.62 percent in October to 2.65 percent in November.

Capital One routinely kicks off monthly reports throughout the credit card industry. As a result, many major lenders will be issuing data on these rates in the coming weeks.

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