Credit Card Delinquencies Rise

[jeffrey]

Credit card delinquency, based on the number of accounts 30+ days past due, hit an all-time high of 4.43% in the fourth quarter. Based on total dollars outstanding, bank card delinquencies rose to 4.92%, compared to the previous quarter's 4.66%, but below the record of 5.45% set in 1996. The news comes as all major closed-end consumer loan delinquencies decreased during the fourth quarter. According to the American Bankers Association's latest "Consumer Credit Delinquency Bulletin," it is a rare combination wherein credit card delinquencies increased as all other consumer lending delinquencies declined. The ABA blames weak job creation for keeping credit card delinquencies at persistently high levels... [ Read More at CardWeb.com ]

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