“The April master trust data have been released for the six major card issuers, overall demonstrating a continuation of positive credit trends (both delinquencies and charge-offs), although overall loan balances continue to decline.
Average net charge-offs (NCOs) fell by 10 basis points on a sequential-month basis and delinquencies by 23 basis points. Importantly, total delinquencies are down an average of 188 basis points from the prior year’s period.
Altogether, NCOs have fallen to levels not seen since early 2008 and delinquencies are at levels not seen since 2007. However, as credit metrics migrate toward more “normalized” levels, concerns remain about continued contraction in overall outstanding balances.”
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