Capital One Financial recently reported it saw fewer instances of both delinquency and charge offs in the month of February as consumers continued to pay down their credit card debt more conscientiously, according to a report from Dow Jones Newswires.
The rate at which it wrote off seriously delinquent accounts – those more than 90 days behind – as being uncollectable fell once again, this time to 5.91 percent from the 6.79 percent observed in January, the report said. This marked the third consecutive month charge offs decreased for the lender.
Similarly, credit card accounts that were 30 days or more behind in payments slipped to 3.83 percent of all balances, down from 4 percent in January, the report said.
Capital One, like the five other major credit card lenders in the U.S., has seen fewer instances of default and delinquency in nearly every month over the past year or so.