Slight drop in default rate at Advanta

Defaults on Advanta Corp.'s credit-cards fell in November to 34.36 percent from 34.99 percent in October, Bloomberg News reported today.

The report was based on a Securities and Exchange Commission filing by Advanta.

It said loans at least 30 days overdue, a signal of future losses, fell to 10.94 percent on an annualized basis, from 11.67 percent the prior month.

Advanta is a credit-card lender to small businesses. In May, it stopped allowing customers to use their cards in order to cut losses and preserve capital. The company filed for bankruptcy on Nov. 8.