Bankcard and private-label charge-offs increased in November but delinquencies remained low, according to a Standard & Poor’s report.
Charge-off for private label cards totaled 4.9%, a 9% increase from the previous month. By comparison the loss rate for bankcard trusts in S&P’s Credit Quality Index rose 3.3% from October, to 2.6%.
Despite the increase in loss rates for private label cards, S&P said that 20-plus day delinquencies were 3.5%, down 6.4% year over year.
For bank cards the numbers looked even better. S&P reported that 30-plus-day delinquencies were 2.0%, down 19.4% year over year and relatively unchanged from October.
