Late Credit Card Payments Decrease Slightly
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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.
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