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US credit card debt quality better in Jan. NEW YORK, March 16 (Reuters) - U.S. credit card debt quality improved in January from a year ago, with credit card companies writing off fewer loans and fewer Americans falling behind in payments, Moody's Investors Service said on Tuesday.
This marked the second month in a row in which the chargeoff rate improved after over a year of nearly uninterrupted deterioration, Moody's said. Despite a weak labor market, fewer U.S. consumers fell behind on their monthly credit card payments. The January delinquency rate, which gauges account balances with monthly payment more than 30 days past due, slipped to 5.08 percent from 5.49 percent a year ago. This represents six consecutive months of year-on-year decline, Moody's said. "As a further sign of improvement, cardholders were able to repay a larger percentage of their outstanding credit card debt than a year ago," Moody's said in a report that tracked $400 billion of credit card bills that were bundled into bonds. Credit cardholders paid back, on average, 16.02 percent of their credit card debt in January, up from 15.68 percent in January 2003, the rating agency said.
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