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09/09/2011 -
Consumer credit card delinquency rates continue to plummet, as consumers continue to cut back on their debt and reduce their reliance on plastic. The latest Credit Card Index from Fitch Ratings shows U.S. card delinquencies are nearing a six-year low.In its 19th straight monthly decline, delinquencies of more than 60 days plummeted to 2.15 percent. Early stage delinquencies, defined as cardholders who have missed at least one payment, also fell to reach 3.02 percent.
"U.S. consumer credit quality has improved rapidly since the beginning of the year and delinquency trends bode well for further gains," said Fitch managing director Michael Dean. "We're at a point now, however, where seasonal factors will likely temper the pace of further collateral improvements for credit card ABS."
Low delinquency rates tend to reflect low consumer sentiment, as cardholders refrain from spending amid adverse income and employment conditions. Earlier this week, CreditCard.com released its Credit Card Rate Report, which showed interest rates on new credit card offers have been floating around record highs for a few months now.
