The total charge offs Chase dealt with in October reached the lowest point this year, according to a report on the lender's filing from the Associated Press. The month saw seriously delinquent credit card debt dip to 7 percent, down from 7.78 percent in September. The yearly high was 10.91 percent, observed in January.
Meanwhile, Chase also said that delinquencies – credit card debt that's 30 days or more past due – dipped as well, but only slightly, the report said. October saw this rate fall to 3.81 from 3.82 percent in September. The 12-month high was seen in December 2009, when it was 4.94 percent. Often, experts view these late payments as future indicators of charge offs.
Many consumers have made a greater effort to reduce their credit card debt recently by increasing their monthly payments while simultaneously spending less with these accounts.