NEW YORK -- A sign that the economy continues to improve is reflected in the rate of credit card delinquency falling again in March, the 17th consecutive month delinquency has declined, Moody's Investor Services Inc. reports.

And Americans are using their credit cards to spend more, Moody's relates. American Express reported an increase of 17% in the use of its cards in March and Capital One a 14% rise. Capital One also reported it opened more new accounts last month than at any time since November 2007.

"More Americans are paying their credit card bills on time, a good sign for both consumers and the banking industry," says Bill Hardekopf, CEO of LowCards.com, who follows the credit and debit card industries. "Delinquencies are at their lowest point since the financial crash in 2008."

Payments more than 30 days late are regarded as delinquent. Moody's noted the delinquency rate fell to 3.79% in March from 4.02% in February.

At 4.82% on an annualized basis, Bank of America has the highest rate, Moody's reported. American Express, which Hardekopf says has the most affluent customers, had the lowest at 1.8% of balances.

Banks' charge-of rates -- that is, writing off those balances deemed uncollectible -- is also falling slowly, Moody's reported, but remains high. In March 7.35% of balances owed were deemed uncollectible, down from 7.56% in February. Bank of America had the highest rate, 8.18%, American Express the lowest at 3.7%.

Sometime this quarter Moody's projects the industrywide charge-off rate will drop below 7%. The peak was 11.5% in August 2009.

Published by The Business Journal, Youngstown, Ohio.