Capital One Financial Corporation announced Monday that for the month of April they have finally written off credit card debt the company couldn’t collect at the lowest rate since nearly 2007.

Capital One credit card charge-offs after being late 6-months fell to nearly $224 million dollars or 4.97%. This is good news as the month of March saw a fall of 5.87% which included nearly $248 million dollars. This is the first time since 2007 that the rate has been below 5%. In March of 2010 the default rate was nearly 10.87%.

The rate of payments late by 30 days or more has also dropped to 3.41% during the month of April. When compared to March’s 3.59%, more credit card owners are slowly starting to pay off their bills on time. In March 2010 the late payment or delinquency rate was nearly as high as 5.3%.

As of 1:10 EDT Capital One Financial Corporation (COF) stock was up 1.07 or 2.04% last seen trading at 53.41. They opened the morning at 52.14 and previously closed at 52.34. Today’s trading range has been as low as 51.87 and as high as 54.01.