Personal bankruptcies beat estimates for 2011, falling 11 per cent in 2011, Fitch reported today. Specifically, bankruptcy filings fell 176,892 to 1,353,186 from 1,530,078 in 2010.
The agency had expected a more modest 5 per cent decline.
It was the first decline in four years..
The drop-off translated into a 37 per cent decline in credit card chargeoffs; bankruptcies usually make up between 20 and per cent of all chargeoffs.
Fitch expects to release its 2012 bankruptcy forecast in the coming weeks.