Credit Card Late Payments at Pre-Recession Rates

New York, NY, June 16, 2011 -- Late payments on credit cards have fallen to rates seen before the Great Recession, and defaults are also heading close to normal levels, according to a series of regulatory filings.

Late payment rates for most of the biggest card issuers were down to rates seen before the economic downturn.

For example, American Express reported that the rate of payments late by 30 days or more is far better than before the crisis, at 1.6% of balances on an annualized basis for May.

JPMorgan Chase's card division reported a rate of 2.66%, last seen in mid-2006. Discover Financial Services also posted its best rate in more than four years, 2.88%.