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.
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