Credit Card Delinquencies Fall to 11-Year Low

Posted by administrator | 04/10/12 | Tagged Credit Card Debt

Credit Card Delinquencies Fall to 11-Year Low
News from Millionaire Corner:

Delinquency rates for bank credit cards have fallen to their lowest level since 2001, but a greater share of home-related loans are overdue, according to second-quarter data released today by the American Bankers Association or ABA.

The latest Consumer Credit Delinquency Bulletin reflects both consumers’ efforts to pay down debt at a faster rate, as well as continued weakness in the housing market, according to James Chessen, chief economist for the ABA, who said, “While the housing market appears to have turned a corner, we are many quarters away from seeing improvement filter through to reduce home-related delinquencies.”

The delinquency rate for bank credit cards dropped below 3 percent for the first time in 11 years, according to the ABA, but rates are up for home equity and property improvement loans, and home equity lines of credit.  A delinquent account is defined as one that is 30 days or more behind on payments.

“The lack of broad-based financial improvement gives us pause about the future,”Chessen said in a statement. “The economy experienced turbulence in the second quarter. Slow job growth and continued uncertainty means many consumers will face challenges managing their debt going forward.”

Delinquency rates for home equity loans rose by 4 percent to 4.09 percent in the second quarter, according to the…………… continues on Millionaire Corner

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U.S. Credit-Card Lenders Shun Add-Ons as CFPB Cracks Down
News from Bloomberg:

JPMorgan Chase & Co. (JPM), Bank of America Corp. and American Express Co. (AXP) are among credit-card lenders retreating from a $ 2.4 billion market as regulators seek curbs on deceptive marketing of products including debt cancellation.

Scrutiny from the Consumer Financial Protection Bureau has led to fines against banks including Capital One Financial Corp. (COF) and Discover Financial Services (DFS), prompting them to curtail sales of so-called add-ons that offer to help customers pay card bills if the…………… continues on Bloomberg

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CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates …
News from Sacramento Bee:

/PRNewswire/ — Interest rates on new credit card offers remained at 15 percent on Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report.  

(Logo: http://photos.prnewswire.com/prnh/20090210/CCLOGO)

The average is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category. Introductory (teaser) rates are not included in the calculation.

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Averages
Avg. APR Last week 6 months ago
National Average 15.00% 15.00% 14.96%
Low Interest 10.40% 10.40% 10.40%
Balance Transfer 12.62% 12.62% 12.58%

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Letter: Require use of PIN for all credit cards
News from Buffalo News:

Recently there was an article in The Buffalo News about a restaurant patron whose credit card was used by another person in an unauthorized manner.

The patron allowed the bar to �hold� his credit card while he was in the establishment � then someone used the patron�s credit card to make several purchases. The perpetrator claims the patron�s credit card looked like his own credit card, and it was an honest mistake.

Apparently it is very easy to use someone else�s credit card even though it is illegal and dishonest! While the financial institution may hold the credit card holder �harmless,� this type of activity is a substantial loss to the credit card company.

Therefore, I would like to suggest all credit card transactions require every person making a purchase to include a secret PIN (personal identification number) in order to consummate the transaction. Then, if you accidently lost or misplaced your credit card you could relax and not experience a panic attack.

Without the correct PIN, all credit cards would become worthless plastic.

David F. Quagliana

Williamsville

…………… continues on Buffalo News
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