Late Credit Card Payments Decline in 2005 Fourth Quarter

Late

Credit Card Payments Decline in 2005 Fourth Quarter

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

decreased to 4.27% from a seasonally-adjusted 4.74% (seasonally

adjusted) in the third quarter of 2005, according to the American

Bankers Association's Consumer Credit Delinquency Bulletin.

However,

the rush by many heavy-debt consumers to file bankruptcy before

the October deadline may have affected these numbers, as many

delinquencies may have been wiped off the books instead of being

reported by banks, according to James Chessen, ABA's chief economist.

Chessen also mentioned that the effects of Hurricane Katrina

are still being felt and could push delinquency numbers back

up.

Published 03/28/06 (Modified 05/07/12)