Credit card delinquencies fall in November

U.S. credit card delinquencies fell in November to the lowest point in nearly three years as the six biggest issuers posted improved numbers, according to Moody’s Investors Service.

Loans at least 30 days overdue, a signal of future write-offs, dropped for the 13th straight month to 4.4%, the lowest level since December 2007, Moody’s said Wednesday. Loans delinquent 30 to 59 days, the earliest sign of trouble, declined to 1.1%, nearly an all-time low. Write-offs for loans deemed uncollectible, a lagging indicator, fell to 8.6% from October’s 8.8%.

The drop in new delinquencies bolsters the firm’s “expectation that charge-offs will ultimately break below the 7% mark later in 2011,” wrote Jeffrey Hibbs, a Moody’s analyst, in a report.

The top six U.S. credit card issuers, including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., all reported lower delinquencies for November in regulatory filings this month. Write-offs climbed at JPMorgan and Capital One Financial Corp. They fell at the four others, including American Express Co. and Discover Financial Services.