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15/09/2011 -
Consumer credit card defaults continued to slide this summer, as most major finance institutions reported timely payments from their customers.Specifically, default figures fell among four out of five of the credit card companies that had reported their August statistics by midday Thursday - Discover Financial Services, American Express, Chase and Bank of America. Only Capital One posted an increase in its rate of payments late by 30 days or more.
The same separation was noted among banks reporting a surge in write-offs on uncollectible balances, according to The Associated Press.
"The results were similar in July, with a few banks reporting slight increases but most reporting improvements in defaults, or charge-offs, and delinquencies," the AP reports. "Overall, both defaults and delinquencies have dropped sharply since hitting their peaks."
Experts agree that weak consumer confidence and high unemployment are discouraging Americans from spending, and that means a reluctance to incur further debt as well.
Businesses, on the other hand, have been struggling to produce adequate sales to warrant hiring - a trend that would, ultimately, lead to healthier consumer activity.
