Credit-card delinquencies fell in November to the lowest in almost three years as the biggest issuers posted improved numbers, according to Moody’s Investors Service.
Loans at least 30 days overdue, a signal of future write-offs, dropped for the 13th consecutive month to 4.38 percent, the lowest since December 2007, Moody’s said in a report.
Loans delinquent 30 to 59 days, the earliest sign of trouble, declined to 1.14 percent, near an all-time low.
Write-offs for loans deemed uncollectible, a lagging indicator, fell to 8.58 percent from October’s 8.79 percent.
The drop in new delinquencies bolsters the firm’s “expectation that charge-offs will ultimately break below the 7 percent mark later in 2011,” Jeffrey Hibbs, a Moody’s analyst, wrote in the report.
The largest credit-card issuers also all reported lower delinquencies for November in regulatory filings earlier this month.
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