Moody's: Credit Card Delinquencies Rise

NEW YORK (AP) -- Delinquency rates for credit card payments rose in the third quarter but were still well below historical standards, according to a report released Monday by Moody's Investors Service.

Credit card delinquencies rose to 3.89 percent in the third quarter, from 3.61 percent during the year-ago period. It was the third straight quarter delinquency rates rose. But delinquencies in the quarter were still well below the long-term historical average of 4.86 percent.

For September only, credit card delinquencies rose to 4.07 percent from 3.68 percent during the same month last year.

Charge-off rates rose to 4.59 percent in the quarter, from 4.06 percent during the same period last year, according to Moody's. Charge-offs measure card balances written off as uncollectible as an annualized percent of total loans outstanding. September charge-offs totaled 4.58 percent.

Payment rate fell slightly to 19.24 percent in the third quarter from 19.46 percent last year. Payment rate measures the proportion of outstanding debt repaid each month by borrowers.