Credit Card Relief

It looks like Americans are getting better about paying down credit card debt. Default rates are down at five of the six biggest Credit Card issuers. Bank of America Corp. reported the biggest drop in defaults, with JPMorgan Chase & Co. and Discover Financial Services also showing significant improvement.

According to an Associated Press report, the nation’s top six lenders all saw profits rise significantly in June 2011, as they had to set less money aside to cover lost debts. The latest news followed reports that show credit card users have far better payment habits than a year ago.

The drop in defaults could be attributed to a few different factors. First, many financial experts say banks have already written off so many default cases over the past few years, that most of those card holders are now off the books. Lenders have also been quicker to restrict access to accounts for those who have had trouble paying their bills in the past.

The drop in defaults may be a little surprising when you consider that the poor economy is forcing Americans to use their credit cards more.

What ever the reason, the numbers continue to show that more and more credit card customers are working to pay down debt and establish a solid payment history, even as they use their cards more frequently.

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