Discover Net Charge-Off Rate Reaches Highest Level Since February

By Cara LombardoFeaturesDow Jones Newswires

Discover Financial Services's (DFS) net charge-off rate for credit cards reached its highest level last month since February, according to a company filing Friday.

Net charge-off rates reflect the percentage of outstanding debt that issuers write off as a loss

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Discover's credit card charge-off rate rose to 3.1% in November from 3% in October. Before February, the last time it had reached that level was in 2012.

The company's delinquency rates for credit card balances over 30 days old also rose, reaching 2.3% in November, up from 2.2% last month.

Discover shares rose 0.9% in early Friday trading.

Credit card charge-offs also rose at Capital One Financial Corp. (COF) in November, while they dropped for the company's auto loans.

Capital One shares rose 2.4% early Friday.

Write to Cara Lombardo at

(END) Dow Jones Newswires

December 15, 2017 10:46 ET (15:46 GMT)