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18/07/2011 -
As Washington continues to stagger in its efforts to leverage fiscal responsibility, new data suggests average Americans may be growing even more responsible when it comes to money.More consumer credit card dues are being paid on time, as five of the six major card issuers reported last week that customer default rates fell in June, according to The Associated Press. What's more, five of six financial institutions also reported the late payments were down for the month.
"The latest data followed reports that show credit card users have far better payment habits than a year ago, when the industrywide charge-off rate peaked at 10.9 percent, according to Federal Reserve data," the AP reports.
During the first quarter, that rate dropped to 6.96 percent, reflecting a strong improvement that is still far from the pre-recession industry average of 3.82 percent. In all, the data bodes well for banks and card issuers and has been reflected in banks' strong financial results for the second quarter.
However, while consumers continue to show stronger credit-worthiness, small businesses may face difficult credit conditions for some months to come.
