Bank of America Corp. (NYSE: BAC) disclosed in a regulatory filing on Thursday that its rate of credit card loan losses eased during the month of March.
In a filing with the Securities and Exchange Commission, Bank of America said its charge-off for card balances was 12.54% during the month of March, down from 13.51% in February. The “charge-off rate” represents the percentage of loans that the company has determined that will not be repaid because they are six months or more late.
Although Bank of America’s numbers improved last month, the company’s default rates are still higher than they were before the beginning of the downturn. Across the board, credit card issuers have written down record high loan losses as unemployment rates have risen.
Bank of America said that its rate of loans that are delinquent by 30 days have dropped from 7.23% during the month of February to 7.07% in March.
