Fitch Ratings' Prime Credit Card Chargeoff Index for January marked the fourth straight month-over-month improvement, decreasing another 62 basis points (bps) to 8.37% during the month.

The decline represents close to a two-year low and chargeoffs are now down 18% year over year. The largest trusts that make up the majority of the index, including Bank of America, Capital One, Chase, Citibank, and Discover, each reported sizeable monthly improvements in default rates.

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