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19/05/2011 -
One of the largest banking institutions recently made headlines after it announced that the rate of late payments made to its payment processing division was near pre-recession levels.The credit card division of JPMorgan Chase stated in a recent regulatory filing that delinquencies - payments made 30 days late or more - had fallen to 2.86 percent. The number was lower than March, when it stood at 3.08 percent, and was the lowest rate since August 2007.
Throughout the credit card industry, so-called charge-offs, or balances considered uncollectible, fell from an all-time high of 10.9 percent in the second quarter of last year. However, the number still remains higher than it was before the recession.
"There's nothing to indicate that we're going to return to those levels," Jeff Hibbs, a credit analyst at Moody's Investor Services, said in an interview with The Associated Press. "The peak loss for charge-offs is well in the rear view mirror."
Capital One recently reported fewer late payments as well. The payment processing arm of the firm said that net charge-offs had fallen from 5.87 in March to 4.97 percent in April.
