Credit card defaults at Capital One Financial Corp (NYSE: COF) fell in April as consumers continue to steady their debt loads in a rebounding economy. The credit card company said its net charge off rate in April dipped to an annualized rate of 9.68 percent, down from 10.87 percent in March, according to a regulatory filing.
Capital One also reported a decline in its delinquency rate, which marks any account at least 30 days behind on payment, to 5.07 percent from 5.3 percent.
The state of consumer credit outside the U.S. is in better shape for Capital One as charge-off rates for Britain based customers fell to 6.28 percent, while those in Canada ran at a rate of 8.6 percent, down from 9.4 percent in March.
The company also saw improvement in the state of loans for automobiles, with its charge-off rate dipping to 1.75 percent from 2.1 percent.
Capital One is the third biggest issuer of Visa brand credit cards in the U.S., while also producing the fifth most MasterCard branded cards in America.
