Discover reports drop in June overdue card payments
Discover Financial Services, the credit-card company that took $1.2 billion from the Treasury's bank rescue fund, said uncollectible card loans fell in June.
Discover wrote off 8.75 percent of U.S. card loans on an annualized basis, compared with 8.91 percent in May, the Riverwoods-based lender reported today on its Web site. Loans 30 days or more delinquent -- an indicator of future losses -- fell to 5.27 percent from 5.32 percent, the second straight monthly decline.
Discover rose 39 cents, or 3.8 percent, to $10.61 at 12:04 p.m. in New York Stock Exchange composite trading. The shares gained about 7.2 percent this year through yesterday.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.