Bank of America's (NYSE:BAC) December Card Charge-offs Drop

Charge-offs for credit card debt at Bank of America (NYSE:BAC) dropped to its lowest levels for 2010 in December, said the giant bank.

This type of debt is considered as noncollectable when it is written off by a financial institution.

Also improving in December were credit-card late payments.

For the month of December, Bank of America wrote off 9.31 percent of credit card balance, an improvement over the 9.92 percent written off in November.

Parameters of a write-off are when they reach 180 days past due, which at that time they're considered noncollectable.

In December of 2009 Bank of America had a charge-off rate of 13.53 percent.

As far far as late payments in December, Bank of America reported those late by 30 days or longer have fallen to 5.24 percent, down from 5.47 percent in November.