Credit card defaults, late payments continue slide

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Credit card issuers had a somewhat bumpy summer, but most of the top banks are reporting that their customers continued to make payments on time.

Default rates are down at three of the four companies reporting their August results. Only Capital One Financial Corp. says it saw an uptick in the rate it wrote off balances as uncollectible.

Capital One also had a slight increase in the rate of payments late by 30 days or more, considered an indicator of future default.

Discover Financial Services, American Express and Chase say their rates continued to decline. Bank of America and Citibank are expected to report August results later Thursday.

The results were similar in July.

Analysts expect the rates to remain low, although individual banks might see blips along the way.