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.
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