Daily Economic Indicator: Bank credit card portfolios improve, Fitch says

11/4/2010 | Bloomberg Businessweek

Fitch Ratings said that "a substantial cleansing" of credit card accounts in default, tighter underwriting and better payment habits among cardholders helped bank credit card portfolios in the third quarter. Fitch said that a review of quarterly results of major credit card issuers indicates a decline in charge offs, although "credit loss rates will remain elevated until sustainable gains in employment emerge."

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