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?
From CardWeb:
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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