Credit Card Firms’ Write-offs Fall in July

U.S. credit card companies wrote off fewer bad loans in July than in June, suggesting that more people are meeting their debt obligations despite a sluggish economy, bond rating service Standard & Poor’s said.

S&P;’s credit card charge-off rate, which gauges the level of bad loans that credit card issuers write off, slipped to 6.8% in July from 6.9% in June, but was still higher than the 6.6% rate in the same period a year ago.