Late Credit Card Payments Decrease Slightly
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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.
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