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28/11/2011 -
The Federal Reserve Bank of New York reported this week that credit card delinquency rates fell for the ninth consecutive quarter during the July-September period to reach the lowest percentage in more than 16 years.The rate now stands at 3.47 percent and largely reflects Americans' unwillingness to incur further debt on top of high student loan dues, stagnant wage growth and widespread unemployment.
For total consumer loans, the third quarter delinquency fell to 3.15 percent, the lowest figure since the 2.99 percent noted in the second quarter of 2007.
"The fact that consumer loan and credit card delinquency rates are back to pre-recession levels is part of the ongoing deleveraging of American households," reports Mark Perry for Wall Street Pit. "It's also more evidence that the worst is behind us."
For banks and retailers, this may translate to a surge in cash and debit-based payments. With the holiday shopping season firmly underway, businesses should make sure that their payment services are in line with consumer demands. What's more, the advent of mobile banking and payment services may continue to alter the consumer purchasing landscape.
