Fitch Ratings said that defaults on credit cards dropped to a 15-month low in July. Meanwhile, late payments on cards fell for all major credit card providers that are tracked by Fitch. "The trends are encouraging, but card defaults are still elevated historically and are expected to remain so," said Michael Dean, a managing director at Fitch. "Unemployment will continue to weigh on consumer credit quality throughout the rest of this year and well into 2011."

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