Citigroup, Inc (NYSE: C)’s June credit-card late-payments and write-offs remained high during the month of June, said the bank on Thursday in a regulatory filing
The New York-based bank reported that its credit losses rose to 11.46%, up from 11.16% in May. Citibank’s charge-off rate peaked at 11.55 percent in March.
The report from Citigroup, Inc (NYSE: C) countered news from other credit card companies, which reported declines at the rate at which they charged off bad credit card debt, which typically occurs when payments on a credit card are other loan are 180 days delinquent.
During the last year, banks have written off record high levels of credit card balance as customers have struggled to make payments. During the first quarter of the year, the charge-off rate fell just short of 10% of balances according to data from the Federal Reserve, compared to 3.8% during the second quarter of 2007 before the recession began.
Citigroup, Inc (NYSE: C) also saw an increase in late payments during the month of June after a three-month decline. Payments 30 days later or more hit 8.58%, up from 8.42% during the month of May. All other large-cap banks reported declines in their delinquency rates during the month of June.
