Wednesday, February 16, 2011

More Citigroup (NYSE:C) Customers Paying Credit Card Bills on Time

In line what other financial institutions are saying, Citigroup (NYSE:C) confirmed a growing number of customers paid their credit card bills on time in January.

Revealed in a required regulatory filing, Citigroup said the charge-off rate for credit cards dropped to 7.49 percent, down from 8.34 percent in December. That was on an annualized basis.

Payments that were over 35 days late dropped from 4.44 percent in December to 4.35 percent in January. That's the best performance in that segment in over two years.

Credit card balances are normally written off as uncollectible after they're past due for 180 days.

Citigroup closed Tuesday at $4.91, unchanged from the close of the prior session.

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