Bankrupt small-business credit card lender Advanta Corp. disclosed in a regulatory filing Monday that defaults dropped to 34.36% in November from 34.99% the previous month, according to Bloomberg.
Loans that are at least 30 days overdue, a sign of future losses, dipped to 10.94% on an annual basis, from 11.67% in October, Advanta stated.
Advanta, which cut off close to 1 million accounts as writeoffs soared, filed for bankruptcy on Nov. 8.
