Credit Card Delinquencies Lowest Since 1990

July 7, 2013
credit card news

A new report from the American Bankers Association (ABA) shows a decline in delinquencies on bank-issued credit cards to 2.41 percent in the first quarter, marking the lowest level in more than two decades. The delinquency rate is down significantly from a record of 5.01 percent in 2009 and the 15-year average of 3.87 percent. ABA chief economist James Chessen attributes the improvement to an increase in stock prices, a better job market, rising consumer confidence, and the housing market rebound. Ten other lending categories recorded declines in delinquencies, including home equity loans, which dropped from 4.03 percent in the fourth quarter of 2012 to 3.72 percent in the first quarter of 2013. Delinquencies on home equity lines of credit, however, climbed from 1.85 percent to 1.91 percent.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.