October 6, 2006 7:38 PM
Credit Card Delinquency At Its Lowest Since 1994
How long will it take for the cooling housing market to affect the delinquency rate in credit card business?
Based on total dollars past-due, credit card delinquency declined in the second quarter to its lowest level for a second quarter since 1994. However, based on the number of accounts, the figure edged up very slightly to 4.41% from the prior quarter, but remains well below 2Q/05’s 4.81%. According to the American Bankers Association the financial squeeze is easing as the Fed has stopped raising rates and prices at the pump are down more than 17% since the end of June. Based on dollars past-due the second quarter figure was 3.34%, compared to 3.44% in the first quarter and 3.60% one-year ago. Overall, the ABA composite ratio, which includes late payments in eight types of closed-end installment loans, increased slightly to 1.96% from 1.94% of accounts (seasonally adjusted) in the first quarter of 2006.
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