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Credit Card Users Making More Delinquent Payments
As the nation sat stunned by the news that the unemployment rate had ratcheted up another notch to 9.2%, and the U.S. had added only 18,000 jobs in June, the American Bankers Association announced on Thursday, that more late payments were made on credit cards and home loans in this year’s first quarter than in the final quarter of 2010.
The ABA said that credit card delinquencies, payments 30 days or more late, increased by 12 basis points to 3.4%. However, this may not as bad as it may seem, since this figure is below the 3.88% of the first quarter of 2010 and considerably down from 3.95%, the 15-year average.
James Chessen, ABA’s Chief Economist, believed that these recent troubling trends are a result of the larger economy’s failure to recover and said that the price inflation for necessary items such as food and gasoline is making it tough for many people to make ends meet. “With family incomes already stretched, even small increases in daily living expenses can be enough to derail the ability to meet debt obligations,” Chessen said.
Follow @CreditDonkey or write to Andrew Green at andrew@creditdonkey.com
 How to Reduce Consumer Debt EfficientlyConsumer debt is simply debt that consumers like us owe. It’s not all necessarily a horrible thing, but too much consumer debt can drown you – financially and even emotionally. If you’re struggling with a load of debt and don’t know what to do, ... | ||
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