Data on defaults and late payments shows consumers are getting a handle on their credit card payments. Five of the top six U.S. credit card issuers on Thursday reported declines in June charge-off rates, the unpaid balances they gave up on collecting.
Only Citibank, the nation's second largest issuer with roughly 90 million cards in circulation, said writedowns and late payments increased last month. Citi has the highest delinquency rate and second-highest default rate of the six banks.
The biggest improvement was reported by Chase, which has about 120 million cards in circulation, making it the top issuer in the U.S.
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