Credit card ABS performance losses dwindled from persistently high levels while excess spread has strengthened to twice the pre-recession average. The Fitch’s Delinquency Index for September is 2.30%, a 35% drop-off compared to last year while losses fell nine basis points (bps) to a multi-year low of 6.32% from 6.41%. On this index, losses averaged 6% since 1991 and peaked at 11.52% in September 2009. Delinquencies also reached super low levels not seen since 2006, with late payments and defaults having hit five- and three-year lows, respectively. But with fears of a double-dip recession rekindled, theses figures are projected to take a 90-of not 180-degree turn before long. Fitch’s Prime Credit Card index tracks more than $144 billion of prime credit card ABS backed by approximately $252 billion of principal receivables, ocvering data from Bank of America, Citibank, Chase, Capital One and Discover.