Capital One Charge Offs Fall

Posted by Meredith Dwyer on May 16 2011 @ 3:05 pm

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Capital One's delinquency rate fell last month. Capital One recently announced defaults dropped nearly a full percentage point during the month of April, possibly signaling American cardholders are tackling their credit card debt.

The McLean, Virginia, company saw charge offs fall to 4.97 percent last month from 5.87 percent in March, according to Dow Jones Newswires. The total value of loans that were delinquent fell from $248 million to $224 million. Thirty-day delinquencies fell to 3.41 percent, from 3.59 percent in March.

The company's international credit card portfolio also saw a drop in delinquencies, as charge offs finished the month of April at $13 million, according to the news source. In addition, delinquent international credit card loans of 30 days or more fell from 6.11 percent to 5.84 percent.

The auto lending portfolio for Capital One in April saw charge offs fall to 0.84 percent from 1.36 percent, the news source added.

While lower delinquency and default rates could reflect better credit management from consumers, they may also be the result of the large number of accounts that were charged off during the recession.

The lowering of credit card delinquencies may show cardholders increasing their grip on financial practices, which is a positive sign in the wake of the recession.

Timely articles written by the Editors at DRC

New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.

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