Credit Card Delinquencies Decline In Fourth Quarter
Andrea Coombes reports for MarketWatch on the ABA's report yesterday that the percentage of credit-card accounts that were 30 days or more delinquent fell to 4.27% in the fourth quarter, from 4.74% in the third quarter and down from a record high of 4.81% in the second quarter of 2005.
"With job growth strong over the last year and gas prices easing by year-end, the delinquency picture has brightened considerably," said James Chessen, ABA's chief economist.The full text of the ABA press release is available online."While this downward trend is very encouraging, the full financial effect of Katrina is still unknown. Bankers are working to help customers regain their financial footing in the aftermath of Katrina," said Chessen. "It may be many months before its impact is reflected in the delinquency picture and will depend on the success of reconstruction efforts in those regions."
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