Fewer writeoffs, late payments for Discover Card

By Associated Press
Posted Aug. 16, 2010 at 1:40 p.m.

Writeoffs of uncollectible balances fell for Discover Card in July as did late payments, signaling that consumers are getting debt payments under control.

Discover Financial Services said in a regulatory filing Monday that its net charge-offs declined to $120.9 million, or 7.28 percent in July, from 8 percent in June.

Card companies typically write off loans after they’re 180 days past due, the point at which it’s assumed the balances won’t be paid.

Discover said its rate of loans 30 days or more past due slipped to 4.7 percent in July from 4.8 percent in June, the seventh straight month of decline.

Shares of the parent company, Discover Financial Services of Riverwoods, gained 3 cents to $14.71.

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