Despite uncertainty in the global economy, Canada’s credit card providers are seeing their portfolios get healthier by the day.
In 2011, the average annualized charge off rate – a measure of written-off debts – was 3.9 per cent. This year it’s averaging just 3.6 per cent, according to Moody’s Investors Service. And payments that were delinquent for 30 days or more in 2011 averaged 2.9 per cent of the total portfolio. They’re now averaging 2.4 per cent.