Among an otherwise long string of reports of rising credit card defaults, American Express continued to break the trend and significantly outperformed its competitors. While credit card charge-offs for other card issuers resumed their upward climb after a short lull in October, Amex credit card charge-offs and late payments fell to their lowest levels so far in 2009.

Amex net charge-offs on loans more than 60 days behind payments fell for the seventh month in a row to 7.6 percent in November, down from 7.8 percent in October. Amex credit card delinquencies, i.e. loans at least 30 days overdue, also dropped, from 4.1 percent in October to 3.9 percent in November.

The other major credit card companies, however, had little but bad news to report. Citigroup saw credit card defaults jumping from 8.79 percent in October to 10.29 percent in November, a whopping 17 percent increase. Delinquencies were also up, from 5.67 percent to 5.81 percent in November.

The largest U.S. credit card issuer, JPMorgan Chase, reported defaults rising almost ten percent, to 8.81 percent in November from 8.02 percent in October. Chase delinquencies fell to 4.9 percent from 4.95 percent.

Other card issuers posted more modest increases in defaults. Credit card charge-offs at Capital One rose from 9.04 percent to 9.6 percent, with delinquent loans increasing from 5.72 to 5.87 percent. Discover write-offs rose from 8.54 percent to 8.98 percent, but the company also saw delinquencies edge downwards, from October’s 5.72 percent to 5.65 percent in November.

The nation’s second largest credit card lender, Bank of America, saw a slight drop in credit card defaults, posting write-offs at 13 percent, down from 13.22 percent. Still, that is likely of little comfort to BofA, which continues to struggle with the highest credit card defaults of all the major credit card issuers. BofA delinquencies also continue much higher, increasing month over month from 7.59 to 7.69 percent.

Taken together, the default data indicate that credit card lenders are not yet out of the woods. Despite the steps lenders have taken over the past year to tighten lending terms and rein in risky credit card portfolios, high unemployment rates continue to take their toll on consumer finances, and hence on cardholders’ ability to repay credit card debt.

Card issuers, who have predicted that credit card defaults would peak and begin to drop early next year, may have to wait for a bit longer for improvement. Credit card delinquency rates are usually an indication of future losses, and if the November numbers are any indication, card issuers will continue to struggle with losses from bad credit card debt for some time to come. Further, with the Holiday shopping season upon us, cash-strapped consumers may increase credit card spending even further, setting themselves and card issuers up for a rough landing come January.

The reports of continued high credit card defaults come even as the Obama White House is putting pressure on bank executives to increase lending to help stimulate the still ailing economy.

When it comes to keeping your credit score high, some factors are obvious. Few things will devastate your credit score like defaulting on bills or loans, having an outstanding debt sent to collections, filing for bankruptcy or having your home foreclosed on. Any one of these actions will torpedo your credit score and sink your financial ship straight to the bottom of the sea. It will take you years to recover from the damage.

Short of that, however, there are several important rules to follow to keep your credit score in the highest end of the range. For best results, follow the Ten Commandments of Credit below.

1. Never Pay Your Bills Late. Your payment history makes up a full 35% of your credit score. Make a payment even an hour late, and you’ll be charged a late fee. Several late payments within a short period of time may cause a credit card issuer to raise your interest rate to the penalty default rate, which can run 32.99% or higher. If your payment is more than 30 days late, your card issuer will notify the credit scoring agencies, and your credit rating takes a hit.

2. Don’t pay just the minimum. Because of the economic crisis, credit card issuers are keeping a more watchful eye on account holders than ever before. Paying just the minimum can be taken as a sign of financial distress. While it won’t hurt your credit score, it could land you on the credit card company’s list of high-risk card holders. That in turn might cause them to cut your credit limit or raise your interest rate.

3. Don’t pay at the last minute. Like paying just the minimum, paying at the very last minute may get you on the credit card company’s watch list. Pay your credit card bill at least 5-7 days in advance.

4. Don’t carry high credit card balances. The next largest component of your credit score is how much of your available credit you are currently using. This is called your credit utilization ratio, and it makes up a full 30% of your credit score. Carrying high credit card balances from month to month will cause this vital ratio to increase, in turn lowering your credit score.

5. Don’t max out your credit cards. Maxing out your credit card doesn’t just put you at risk for steep over-the-limit fees, it will shoot your credit utilization ratio through the roof. When you max out your credit card, your credit utilization is at 100%. Instead, preferably only use 30% of the credit available to you on your credit cards, and never go over a 50% utilization ratio.

6. Don’t close credit cards with outstanding balances. Closing a credit card with an outstanding balance will have the same effect as maxing out your credit card, or worse. It will cause your available credit on that card to drop to zero, while the outstanding balance will make it look like you’ve maxed out the card, again hurting that credit utilization ratio.

7. Don’t close credit cards with credit available. Your credit utilization score takes into account your outstanding debt in relation to all your available credit. So closing a credit card without a balance, even if it’s one you never use, will make your credit utilization ratio go up and your credit score down.

8. Don’t close your oldest credit cards. The longer you’ve had your credit cards, the better, because it shows that you have experience managing debt. The length of your credit history makes up 15% of your credit score. When you close an old credit card—even if you never use it—it will affect the length of your credit history and lower your credit score. If you have to close a credit card, choose one with the shortest history.

9. Don’t apply for multiple credit cards or loans. Each time you apply for a credit card or a loan, your credit report is pulled. The number of credit inquiries to your account also affects your credit score, so applying for credit cards or loans several times within a short period of time will make a dent in your credit rating.

10. Don’t have only credit card loans. The last part of your credit score is the mix of credit available to you. The assumption is that the more types of credit you have available and are managing in a responsible manner, the more financially savvy you are. Having a variety of loans, like a car loan and a mortgage, can actually work in your favor, particularly if your credit history is still recent and there isn’t much other data available about how responsibly you have used credit over the years.

Here are 11 tips to free up money each month to pay down your high interest credit card debt faster.

1. Get out the ax. Take a close look at where your money goes. Are you signed up for any monthly subscriptions services you can do without? Let them go. Weekly DVD rentals or Netflix subscription? Use your library card—you can get DVD’s for free. Online subscriptions? Cancel them. And that $40/month gym membership? Find a community center in your area—most are free or inexpensive; or simply get out your running shoes and hit the road.

2. Leave your credit cards at home. Credit cards are great for business, but not for consumers. Studies have shown that people spend upwards of 15% more when they carry their credit card with them. Don’t. By leaving your credit cards at home and paying by cash or check, you’ll avoid temptations, and it will be a lot easier to curtail purchases and meet your budget.

3. Let go of the latte. Okay, we may not all be high-end java junkies, but we each have our guilty treats: Happy Hour drinks, chips and a Coke, doughnuts, and so on. A $3-4 purchase may not seem like much, but it adds up: $15-20 for a five-day work week, $60-80 a month. That’s money that you could otherwise use to pay down your credit cards. Take a look at your habits and see which extras you can let go.

4. Make a list and check it twice. The less you go shopping, the less you spend. Try to go grocery shopping only once a week. Make a list of what you really need, and then stick to it. If you need something during the week, make a quick trip, and buy only the item you went there for. You’ll be surprised at how good you can get at using everything in your fridge.

5. Cook your own meals. Bringing your own lunch will cost you only $2-4, and it’s usually healthier too. Cooking at home more frequently can save you hundreds of dollars each month, depending on how often you take-out or eat out. Put the savings towards zapping that credit card debt.

6. Slash your utility expenses. Next to rent and mortgage, utilities are one of the highest budget items for most people. Get a programmable thermostat, which can cut your heating and cooling bill by 10-20%. The typical American home has upwards of 40 appliances constantly drawing power. Learning how to cut your standby power costs can slash as much as 10% off your monthly bill, which you can use to pay down your credit card debt.

7. Zap those phone bills. Look for ways to bundle your phone, Internet and cable services—going with just one provider can save you up to $50 a month. Take a close look at your cell phone plan, are you using all the minutes you have? If not, downgrade to a cheaper plan. If your plan is due for renewal, shop around for a better deal.

8. Reduce Other Loan Commitments. If you have a second car with a car loan, consider downgrading it to an older, reliable car that you can buy without a loan. If you have student loans, look into consolidating them to lower your monthly payments. Alternatively, find out if you’re eligible to defer your student loans.

9. Raise your car insurance deductibles. Save money on your insurance premiums by increasing your out-of-pocket outlay from $250 to $1,000 for both your first and second car. This can save you 15% or more off your premium. And while you’re at it, shop around for lower auto insurance rates.

10. Use your tax credit to pay off your credit card debt. As part of the 2009 stimulus package, 95 percent of workers will get a tax credit. Effective in June, this will begin showing up in your paycheck as an extra $12-14 a week in take-home pay. For two-income families, that amounts to an extra $100 a month. Use it to shrink that credit card debt.

11. Keep track of how you spend your money. Studies show that people spend less when they look at their expenses in detail. Keep a notebook and pencil with you and write down even small cash outlays—you’ll be surprised how it all ads up. Sign up for online community money management sites like Geezeo.com, or Wesabe.com. These sites contain free tools to help you track where your money goes, budgeting tips and community advice specific to your spending patterns with tips for saving even more.

Tip #1. Call Your Credit Card Issuer
If you have good credit and don’t have any late payments on your account, it is often possible to negotiate a lower credit card interest with your issuer. Unfortunately, if you’re one of the millions of consumers whose rate was raised in the fall-out from the economic crisis, this will be harder. Your credit card issuer will get lots of calls in response to those rate increases, so you’ll be one of thousands of people calling in to reduce their rate. Still, it’s an important step, which often can get you better terms.

Tip #2. Look for Ways to Reduce Your Average Interest Rate
If you can lower the interest rate on just some of your debt, you’ll reduce the average interest you pay on all your debt and cut your overall interest expense. Look into redistributing your credit card debt to other loans or credit cards to lower the average interest rate you pay on your all debt. Even transferring just some of your high interest debt to lower interest debt will make a difference.

Tip # 3. Supersize your monthly payments on high interest debt
Making a higher monthly payment on high interest debt can save you a bundle in interest costs, and it’s one of the best ways to shrink that high interest debt fast. Even just paying $100-200 more each month can literally save you thousands in interest charges.

For example, let’s say you have an $8,000 credit card debt at a 22.99% APR. If you pay off the debt with $200 a month, it will take you 6 years and five months to pay off the card. And, you’ll pay about $7,300 in interest charges.

Instead, say that you double the payment to $400 a month. Now it will take you only two years and two months to pay off the debt, and you’ll pay only $2,185 in interest. That’s more than a $5,000 savings in interest charges!

So how exactly do you get funds for higher monthly payments? Firstly, if you transfer credit card debt to lower interest debt, your minimum payment on those cards will get reduced. Use the money left over to pay down any high interest debt faster.

Tip #4. Make a Large Lump Sum Payment
When it comes to credit card debt, a stitch in time saves more than nine. When you have debt, particularly at high interest, the powerful force of compounding interest works against you. By making one large payment early on, you can reduce the effect of compounding and save a bundle.

Again, let’s say your owe $8,000 on your credit card at a 22.99% APR. Let’s say that you raise $1,000 to pay down the balance on that $8,000 credit card debt early on. You then pay down the debt at $200 a month. Under this scenario, it will take you a little less than five years to pay off your credit card debt. During that time you’ll pay about $4,700 in interest.

That’s $2,600 less than the $7,300 in interest accrued in the scenario where you just pay $200 a month. In short, you can pocket a $2,600 savings—just for making a one-time large payment.

Even better, make the $1,000 extra payment, and pay $400 on the balance each month. You can now lose that high interest debt in 22 months, and you’ll only pay $1,609 in interest.

So just how do you come up with extra money to pay down your credit card debt? Look for ways to liquidate some of the possessions you can do without. Have a garage sale, sell your second car or downgrade it to an older model. Or maybe a family member or friend will help you out with a small bridge loan until you get back on your feet—particularly if you show them how much you’ll save.

If you have missed some payments in the past, the effect of this will fade over time as long as you start to consistently make all payments on time. However, your credit report covers the last seven years of your credit history, so it takes a long time before the record of missed payments completely leaves your credit report. In short, it is critical to do everything you can to never miss a loan or credit card payment. Bankruptcy declarations are reflected in your credit report for a full ten years.

If you have bad credit, don’t be lured by “quick-fix” systems that claim to be able to repair your credit rating overnight. None of these companies can do anything that you cannot do yourself. Even worse, they may be scams that lure you in and make you do something that is not truly in your interest.

Instead, talk with your lenders and negotiate better terms – most lenders are eager to work with you to ensure that you don’t default on a loan. For more information on how to improve your credit score, please click here.

Credit scores are also referred to as ‘FICO’ scores, an acronym for the “Fair Isaac Corporation”, which developed the standardized scoring systems used to derive your credit rating. Your credit score is intended to be an impartial, reliable, and non-discriminatory ranking, which allows financial institutions to determine ‘at-a-glance’ how your history stacks up against that of other people.

Your credit score is a number between 300 and 850. The higher your score, the more reliable and creditworthy you are deemed. There are numerous advantages to having a high credit score. It will not only make it easier for you to get approved for a loan or a new credit card, you will also typically be offered a lower interest rate, better introductory terms, or other types of more favorable loan terms. This not only gives you greater financial flexibility, it can also save you quite a bit of money over the long run. A 1% better interest rate on a mortgage, for example, could save you thousands dollars over the lifetime of the loan.