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Five of the largest credit card issuers in the country reported lower charge-off and delinquency rates in July just as a separate report verified industry-wide improvement.

Bank of America, Capital One, Citigroup, Discover, and JP Morgan Chase all said that charge-offs and delinquencies fell in their credit card units in July. Citi recorded the largest drop, noting that charge-offs in July accounted for an annualized 9.1 percent of accounts compared to 11.5 percent in June.

Delinquencies also fell in July, according to monthly regulatory filings for major issuers’ master card trusts. Most card issuers and banks have been showing a positive trend for delinquencies over the past few months. A

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Consumers took on 2bn more mortgage debt than they repaid in July, according to the latest figures from the British Bankers` Association (BBA).

This represented a 4.1% annual increase in net mortgage lending by banks, the report adds.

Gross mortgage lending came to 8.4bn in July, but this was down on the 8.6bn seen both a month earlier and on average over the six months before that.

Mortgage lending for house purchase came to 5bn, while remortgages came to 3bn and `equity withdrawal and other purposes` accounted for 0.5bn.

Meanwhile, the BBA`s figures also showed a slight increase in net consumer credit lending in July. Read full post…