Wednesday, February 23, 2011

Credit Card Delinquencies Fall to 2007 Level

The delinquency rate on credit cards at all commercial banks dropped for the sixth straight quarter to 4.17% during the October-December period last year, which is the lowest level since the second quarter of 2007 according to new data released by the Federal Reserve.  That's quite an improvement in credit card delinquencies over the last six quarters, especially when compared to the all-time high of 6.75% in the second quarter of 2009.  

Just one more sign of economic recovery and evidence that the worst is far behind us. 

3 Comments:

At 2/23/2011 6:01 PM, Blogger REIT said...

What do you think this is due to?

 
At 2/23/2011 6:39 PM, Blogger David Gallion said...

Give me a break. The Fed is dumping trillions into one recessionary pit after another. Jobs are being filled, credit cards payed off and stuff produced. But this isn't an economy with a production problem. Print enough money and you can produce another planet. This is a (global) economy with demand/consumption problems. Shouldn't falling credit card delinquencies tell us that? "One more sign of economic recovery" lol! Keep drinkin' the Kool Aid folks. Carpe Disney...

 
At 2/24/2011 1:34 PM, Blogger Buddy R Pacifico said...

"This is a (global) economy with demand/consumption problems. Shouldn't falling credit card delinquencies tell us that?"

No, it tells us that many more people are paying their bills on time, because of a better economy and increased aversion to debt.

 

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