U.S. retail credit card chargeoffs reached a six-year low in February as payment rates improved, according to Fitch Ratings. The rating company’s Prime Credit Card Chargeoff Index, dropped 30 basis points to 3.88% after increasing in January.

Monthly payment rates, the pace at which cardholders repay outstanding balances, climbed to a lifetime high of 24.8%, the company said. The increase is a sign of consumer prudence, according to Michael Dean, managing director at Fitch Ratings.

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