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24/08/2009 -
In a trend that will likely spread to their neighbours to the north, American consumers are finding themselves with less credit card debt, Moody's Investor Services reported.Charge-off rates fell for the first time since September, reaching 10.52 percent in July from June's record high of 10.76 percent.
Delinquencies also continued declining, falling from 5.81 percent in June to 5.73 percent in July. This marks the lowest level so far in 2009.
The lower credit card debt levels will likely encourage banks to increase their credit card lending, once they realize that consumers are at less of a risk for default.
The data also bodes well for stores and retailers, who will likely see a boost in sales as consumers feel more comfortable spending with their credit card.
Therefore, the merchants that will see the biggest benefit from this trend are ones that accept credit card payments.
Credit card processing has long been an important element in the success of a small business, but as consumers pull themselves out of debt and ease their spending restrictions, credit card sales will likely see the biggest increase. Therefore, merchants that do not accept credit cards will likely find themselves left behind once the economy rebounds.
