Charge-offs among U.S. bank-card accounts continued to improve in June, said Standard & Poor's Ratings Services, as the figure fell below 10% for the first time since December in trusts it tracks.
The drop to 9.7% in June from 10.1% in May was helped by better employment figures, the ratings firm said. The amount of outstanding balance paid also increased, to 20.1% from 19.5%, pushing outstanding receivables down 1.8% to $345.5 billion.
Delinquencies improved as well, with the 30-day and 60-day rates each falling 0.14 percentage point to 5% and 3.8%, respectively. Late-stage delinquencies dropped for the fourth consecutive month, reaching 2.7%.
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