Associated Press | The rate at which Discover Card balances were written off for nonpayment rose in May, after falling for two straight months.
Discover Financial Services said in a regulatory filing Tuesday that its net charge-offs rose in May to $142.5 million, or 8.2 percent of balances, up from 8.42 percent in April. Card companies write off loans after they’re 180 days past due, the point at which it’s assumed the balances won’t be collected.
Get the full story: Discover Financial’s charge-off rate rises in May.
