Across all of the nation's top credit card lenders, instances of delinquent and defaulted credit card debt slipped in the month of March, according to the latest statistics from Moody's Investor Service. Charged off accounts – those 90 days or more behind on payments – fell to 7.35 percent of all balances, down from 7.56 percent in February.
Meanwhile, instances of both types of delinquent credit card debt also fell, the report said. Early-stage delinquencies – those between 30 and 59 days behind – fell to just 0.98 percent, which is the first time this rate has been below 1 percent since the early months of 2000. Accounts 60 days or more behind on payments fell for the 17th month in a row, to 3.79 percent.
Many experts believe that continued declines in instances of delinquent and defaulted credit card debt may be a function of past charge offs restricting credit access, rather than improved repayment habits among consumers.