U.S. credit card delinquencies reflect the significant improvement of the card sector over the last two years, according to Fitch Ratings.
The rating agency's recent prime credit card index report showed the second lowest reading for delinquencies since the launch of the index in 1991. The agency also notes that the monthly payment rate (MPR) on credit card were also at an all time high. Fitch's index showed that June MPR readings surpassed the record set earlier this year by 32 bps with a new record of 22.29% .
The charge off index also declined in June to 5.09% after an increase in May to 5.44%. Fitch anticipates charge offs to stay in the 5%-6% span for the rest of the year.
Fitch's Prime Credit Card index consists of more than $112 billion of prime credit card ABS.
The index results are in line with
