NEW YORK – U.S. credit card companies wrote off slightly more bad loans in August than July, but the charge-off rate is still at a three-year low, Standard & Poor’s Ratings Services said on Thursday.
The charge-off rate on the credit card receivables tracked by S&P rose to 6.2 percent, up 0.1 percentage point from July, but down 1.0 percentage point from a year earlier, S&P said.
About 60 percent of the credit card receivables held in trusts used by banks and finance companies as collateral for asset-backed securities experienced an increase in charge-offs in August, S&P said in a report released on Thursday.
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