Bank of America on Tuesday reported slight dips in the rates of default and late payments by its credit card customers for October.
The rates for both measures for the Charlotte, N.C.-based bank's credit card division are at their lowest points since before the economic crisis began.
DEFAULT: Bank of America wrote off 5.98 percent of balances on an annualized basis in October, down from 5.99 percent in September. A year ago, the bank had a 10.15 percent default rate.
LATE PAYMENTS: Payments on 3.97 percent of balances were delinquent, or late by 30 days or more, in October. That's down from 3.99 in September, and 5.6 percent a year ago.
PEAK RATES: Bank of America's worst month for charge-offs came in August 2009, when they hit 14.53 percent. Card companies typically write off loans after they're six months past due.
Delinquencies reached their highest point in April 2009, at 8.01 percent. The figure is an indicator for what to expect for defaults in coming months.
Shares of Bank of America added 11 cents to $6.16 in midday trading.
A Nation of Laws No More | RedState
Ann Coulter - How To Write A New York Times Op-Ed In Three Easy Steps
ARK: AK/AR Hybrid From Creative Arms - Bearing Arms - Creative Arms, Video
How to Write a New York Times Op-Ed in Three Easy Steps | Human Events
Hugh Hewitt to Trump: Do you know who the Quds Force is? - Hot Air
War on cops: Female officer in Penn. assaulted and thrown over guardrail after stopping to help disabled vehicle
Daniel J. Mitchell - Redistribution Is Morally Dubious, Economically Harmful, and It Doesn’t Work