Late and defaulted credit card debt falls for Bank of America

In its latest regulatory filing, Bank of America said that the rate of credit card debt it had to strike from its ledgers due to their extreme lateness fell to 9.92 percent in November. That was a decline from 10.15 percent in October, and a recent peak of 13.53 percent in December of last year. Typically, these write offs occur when an account goes 180 days without being paid.

Similarly, credit card debt that was 30 days or more behind fell in November as well. Bank of America said its delinquency rate dipped to 5.47 percent, the lowest observed this year, and down from 5.6 percent in October.

Many consumers have had a better time handling their finances as the economy has continued to recover, but another portion of the population may have been locked out of the credit system entirely due to previously defaulted credit card debt.