Citigroup Credit Card Defaults Slow in July

NEW YORK (TheStreet) -- Citigroup -- yes, even Citigroup -- is seeing better times. On Monday, the beleaguered financial institution joined other lenders in reporting a lowering of defaults on its credit cards.

In a filing with the Securities and Exchange Commission, the New York-based bank said its credit card charge-off rate slipped to 10.03% in July from 10.51% in June.

Credit card loans are charged off after consumers are delinquent on numerous payments and the company determines those loans won't be repaid.

Other lenders also said Monday that losses in their credit card portfolios slowed in July, a sign that defaults may be stabilizing after months of climbing losses.

American Express(AXP Quote) said on Monday that the rate of charge-offs fell to 9.2% in July from 9.9% in June. The rate of delinquencies slipped to 4.2% last month from 4.4% in June.

Bank of America(BAC Quote) also saw its charge-off rate fall to 13.81% from 13.86% in June, while its delinquencies improved to 7.58% from 7.73% in the month prior.

Citigroup shares closed Monday down 1% at $4.00. By early Tuesday morning, it had regained that 1% in after-market trading.