The financial crisis seems to be over based on the fall in credit card delinquencies since November. Consumers are no longer racking up the huge debts anymore even in the holiday season. This also means that lenders will have to struggle to cope with the losses.

All the major credit card companies have stated that the delinquencies have dropped drastically since November. Delinquencies are the first indicators of consumers having trouble with payments and thereby indicate losses in the future. It seems like the American consumers have recovered completely from the worst financial crisis, as per the decrease in delinquencies.

The charge off rates has also been much lower when compared to the beginning of 2010. The loans, as well as the losses, generally pile up by the end of the year due to the shopping and splurging during the holiday season. However, consumers seem to be reluctant to carry a debt this year. Approximately 16.3% of those who were polled, stated that they used credit cards during the Black Friday weekend during this year, which is down from 30.9% the previous year, and this is an all-time low as per the survey conducted by America’s Research Group &UBS.

As per the credit card performance reports that are filed by the lenders every month with the SEC, Bank of America has one of the worst credit card loss rates; however, the delinquency rates have fallen to 5.47% from 5.6% during the month of November.