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Late Credit Card Payments Decrease Slightly

by Peter Andrew

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Late Credit Card Payments Decrease Slightly

Late payments on credit cards declined in the third quarter

of 2005, according to the American Bankers Association, but

the good news is tempered a bit by the fact it is a pullback

from the previous quarter's record-high delinquency rate.

The number of credit card accounts 30 days or more past due

decreased to 4.74 percent in the third quarter of 2005, down

from the record high of 4.81 percent in the second quarter.

James

Chessen, the ABA?s chief economist, says he is hopeful that

economic growth and falling gas prices in the fourth quarter

will continue to cut down the delinquency rate. However, "the

full impact of hurricane Katrina has yet to be felt,? and effects

from the overall 2005 hurricane season could impact credit card

payments all the way into the first quarter of 2006.

 

Published 01/11/06 (Modified 05/07/12)


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