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21/09/2011 -
Bank credit card default rates continue to plummet, as the most recent Standard & Poor’s/Experian Consumer Credit Default Indices reached 5.26 percent in August. That figure is down from 5.64 percent in July.Defaults on first mortgages fell from 1.93 percent to 1.92 percent, although rates on second mortgages rose slightly over the same period.
At wider debate is the question of what credit card default rates mean, particularly in an economy with stagnant consumer spending and slow business investment. Many analysts argue that low default rates mean consumers are paying off what capital they do have toward their debt, and thereby not spending on businesses or commodities that drive economic growth.
"We haven't seen anything to rock our expectations," Laurence Kotlikoff, a professor of economics at Boston University, told the Fiscal Times. "When you have a recession like the one we experienced, bankers are suspicious of who they lend to and prefer high-quality borrowers."
Plus, lenders prefer borrowers who aren't likely to default, Kotlikoff added, pointing out that perhaps only very high-quality borrowers are getting loans while others aren't.
