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The following table presents the amounts and delinquency rates of loan receivables over 30 days delinquent, loan
receivables over 90 days delinquent and accruing interest and loan receivables that are not accruing interest, regardless
of delinquency (dollars in thousands):
At November 30,
2010
2009
(As Adjusted1)
2008
(As Adjusted1)
2007
(As Adjusted1)
2006
(As Adjusted1)
$%$%$%$%$%
Loans over 30 days delinquent................... $1,901,924 3.89% $2,700,959 5.31% $2,330,208 4.56% $1,723,320 3.58% $1,552,037 3.39%
Loans over 90 days delinquent and accruing
interest................................................ $ 853,757 1.75% $1,217,054 2.39% $ 952,565 1.86% $ 695,302 1.44% $ 604,793 1.32%
Loans not accruing interest ........................ $ 325,900 0.67% $ 438,278 0.86% $ 366,508 0.72% $ 256,694 0.53% $ 261,777 0.57%
(1) See reconciliation in “ – Reconciliations of GAAP to As Adjusted Data.”
The delinquency rates of loans over 30 days delinquent and loans over 90 days delinquent and accruing interest
decreased 142 basis points and 64 basis points, respectively at November 30, 2010 as compared to November 30,
2009 as adjusted. The decline in delinquency rates is mainly due to better credit trends as well as enhanced collection
management and underwriting processes. Loan receivables not accruing interest at November 30, 2010 decreased 19
basis points to 0.67%, as compared to November 30, 2009 as adjusted, as a result of a decrease in bankruptcy
notifications.
The delinquency rates of loans over 30 days delinquent and loans over 90 days delinquent and accruing interest
increased 75 basis points and 53 basis points, respectively at November 30, 2009 as adjusted, as compared to
November 30, 2008 as adjusted. The increase in both measures reflected the impact of the weaker economic
environment on our customers’ ability to pay their loan balances. Loan receivables not accruing interest at November 30,
2009 increased 14 basis points to 0.86% as adjusted, as compared to November 30, 2008 as adjusted, as a result of an
increase in bankruptcy notifications.
Maturities and Sensitivities of Loan Receivables to Changes in Interest Rates
Our loan portfolio had the following maturity distribution(1) at November 30, 2010 (dollars in thousands):
Due One
Year or
Less
Due After
One Year
Through
Five Years
Due After
Five Years Total
Credit card loans ........................................................................................................... $15,138,461 $24,151,916 $5,866,617 $45,156,994
Other consumer loans ..................................................................................................... 9,540 1,369,071 1,512,707 2,891,318
Total loan portfolio ...................................................................................................... $15,148,001 $25,520,987 $7,379,324 $48,048,312
(1) Because of the uncertainty regarding loan repayment patterns, the above amounts have been calculated using contractually required minimum payments. Historically, actual loan repayments have
been higher than such minimum payments and, therefore, the above amounts may not necessarily be indicative of our actual loan repayments.
At November 30, 2010, approximately $21.4 billion of our loan portfolio due after one year had interest rates tied to
an index and approximately $11.5 billion were fixed rate loans.
Modified and Restructured Loans
We hold various credit card loans for which the terms have been modified, including some that are accounted for as
troubled debt restructurings. Our modified credit card loans include loans for which temporary hardship concessions have
been granted and loans in permanent workout programs. Eligibility, frequency, duration and offer type for both of these
programs are designed to comply with regulatory guidelines.
Temporary hardship concessions primarily consist of a reduced minimum payment and an interest rate reduction, both
lasting for a period no longer than twelve months. These short term concessions do not include the forgiveness of unpaid
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