Credit card delinquencies hit record
On Monday, about four dozen readers commented on this blog about credit card companies raising rates and lowering limits on consumer accounts in advance of rule changes next year.
Now, Reuters is reporting that delinquencies on credit card debt rose to an all-time high in the first quarter as a record number of consumers fell behind on their bills.
The rate of consumer loan payments at least 30 days late ticked up to 3.23 percent in the January-to-March period, from 3.22 percent in the 2008 fourth quarter, the American Bankers Association said.
Delinquencies were the highest since the ABA began tracking the data in 1974, Reuters said.
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5 comments Add your comment
Seminole84
July 7th, 2009
1:42 pm
No big deal – Barack Hughes will be paying off everyone’s credit card debt, mortgages, car notes, student loans, etc.
Broke in Atlanta
July 7th, 2009
6:38 pm
Can Obama pay off my credit card bill? I want to buy a newer plasma TV and some more clothes, but I’m at the limit.
Jobless and Desperate
July 8th, 2009
9:05 am
I have been using my card to buy groceries since I lost my construction job. I have been making minimum payments, but am petrified that Chase will cut-back my $3000 limit or close my account and I will not be able to buy food for my young family.
Bernie Made off with billions
July 8th, 2009
7:19 pm
The George W. Bush greater than the great depression really helped the American middle class. The most successful program sissy “W” started was …..”No CEO Left Behind”.
papa joe paterno84
July 8th, 2009
7:22 pm
Looks like Bobby Boy will never catch my record!