U.S. consumer credit charge-off rates continued declining in June, continuing a trend underscoring the improving health of card issuers’ portfolios.

The average charge-off rate in June for securitized credit card portfolios Moody’s Investor’s Service tracks was 10.28%, down 43 basis points from 10.71% in May. It was the third consecutive decline in average credit card charge-offs.

The June reading also marked the first month since December 2006 when Moody’s average charge-off rate has improved on a year-over-year basis, the firm said.

Average total credit card delinquencies in June fell for the eighth consecutive month, to 5.08%, down 18 basis points from 5.26% in May. June’s results marked the lowest monthly delinquency rate since November 2008.

Moody’s estimates call for the unemployment rate to plateau during the remainder of the year at 10.1%, reinforcing the credit-rating agency’s view that credit card charge-offs caused by the recession have passed their peak levels.

Fitch Ratings this month said the average credit card charge-off rate in June on portfolios it tracks was 10.57%, down 56 basis points from 11.13% in May. Fitch noted that lower charge-off rates within the card portfolios of Bank of America Corp., JPMorgan Chase & Co. and Discover Financial Services contributed to the overall improved performance.

The delinquency rate on card accounts at least 30 days past due fell for the fourth consecutive month, to 5.13%, down 14 basis points from 5.27%, Fitch said.

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