Discover says charge-offs fell in July

Discover Financial Services, the credit-card company that took $1.2 billion from the U.S. Treasury's bank rescue fund, said net charge-offs fell last month.

Defaults on loans deemed uncollectible dropped to 8.43 percent in July, compared with 8.75 percent in June. Loans at least 30 days overdue, an indicator of future losses, rose to 5.28 percent, compared with 5.27 percent, the Riverwoods-based lender said today in a federal filing.