Credit Card Delinquencies Lowest Since 2001
Washington, DC, Oct. 4, 2012 -- Bank-issued credit card delinquencies dropped to the lowest level since 2001 during the second quarter, according to a report from the American Bankers Association.
Just 2.93% of all bank card accounts were considered delinquent, meaning they were 30 days or more overdue. That's down from 3.08% in the first quarter and significantly lower than the 15-year average of 3.91%.
"Economic uncertainty has made consumers hesitant to take on new debt, and building a stronger financial base has become a priority," said James Chessen, a chief economist at the American Bankers Association.