Bank of America has recently released data that may indicate that consumers are working to repay their credit card debt and repair their bad credit history.
Compared to October's figures, late payments on credit card debt in November have gone down, and the percentage of loans that were deemed uncollectible by the bank also went down, according to the Associated Press. Late payments are defined as at least 30 days late, whereas uncollectible balances are defined as those which have not been paid for at least 180 days.
Only 9.92 percent of balances were deemed uncollectible in November. During the more difficult period of the financial crisis, the uncollectible rate peaked at 13.53 percent. Credit card payments that were at least 30 days late constituted 5.47 percent during the month, a decrease from October's rate of 5.6 percent, the news provider reports.
Other lending institutions have reported similar changes in debtor behavior. Capital One, JPMorgan Chase & Company and other creditors all reported improved late payment trends and efforts by consumers to better control their debt.