Credit-card payments on time, most issuers say

NEW YORK -- It was a bumpy summer for credit-card issuers, but most top banks reported that their customers continued to make their payments on time.

Default rates were down at four of the five firms that reported August results yesterday. Only Capital One Financial Corp. had an uptick in the rate of its write-offs of uncollectible balances.

Discover Financial Services, American Express, Chase, and Bank of America reported continued declines in both rates. The results were similar in July.