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05/01/2012 -
The national delinquency rate on bank-issued credit cards increased in the third quarter, even as most other categories showed improvements in the rate of late payments. According to data released this week by the American Bankers Association, bank card payments at least 30 days overdue climbed up to 3.25 percent during the July-September period, compared to the previous period.Meanwhile, ABA's composite delinquency ratio fell to 2.59 percent of all loans, down from 2.88 percent in the second quarter. The figure is also down from the third quarter of 2010, which reported delinquencies on 3.01 percent of all loans.
Improvement in delinquencies over the next year hinges on the housing market, which still poses an enormous challenge to continued economic growth," said James Chessen, chief economist at ABA. "Job creation and income growth are also a must if we hope to see delinquencies continue to fall."
Consumers have been tightening their finances and using credit less in light of uncertain financial conditions. As employment begins to pick up, merchants can also expect to observe gains in credit card processing.
