BOSTON (AP) — The nation’s top credit card companies are reporting mixed progress in reducing defaults. But improvement could be around the corner, with fewer card customers making payments late by a month or more.
Three of the six top card issuers on Monday reported lower default rates in July, compared with the previous month. Those were JPMorgan Chase & Co., Discover Financial Services and Capital One Financial Corp.
Card issuers with higher July rates included Bank of America Corp., Citigroup Inc., and American Express Co.
Delinquency rates for customers a month or more behind on payments declined at four of the six issuers. The exceptions were Capital One, which saw a slight increase, and American Express, where there was no change.