Credit Land Report: Credit Card Delinquencies Hit... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit Land Report: Credit Card Delinquencies Hit Lowest Level In Nearly 10 Years

Credit Land Report: Credit Card Delinquencies Hit Lowest Level In Nearly 10 Years

Credit Land Report: Credit Card Delinquencies Hit Lowest Level In Nearly 10 Years
The content is accurate at the time of publication and is subject to change.

Consumers are doing a better job paying their credit cards. According to Credit-Land.com micro-economic research of credit card industry, bank-issued credit card delinquencies in the last quarter of 2010 dropped to the lowest rate since the first quarter of 2001. Home loan delinquencies were unchanged or fell in all but one category.

Credit Card Delinquencies

In April 2011, the delinquency rate on credit cards fell to its lowest level in nearly 10 years. Primarily, this is attributed to a recovering economy by the end of 2010, which put consumers in a situation where they could keep up on their credit card payments. Falling unemployment was also a factor. For the first time in two years, the unemployment rate dropped to 8.8% as 216,000 positions were added to the job market.

The fourth quarter of 2010 had credit card delinquency rates of 3.28%, down from 3.64% in the third quarter.

Home Loans

Consumers with home equity loans had a delinquency rate of 4.05%, unchanged from the previous quarter. Home equity lines of credit fell to 1.73% from 1.74%. The only type of home loan that saw an increase in the number of delinquencies was home improvement loans. Approximately 1.26% of these loans were delinquent by the end of last year, up from 1.23% in the previous quarter.

With credit card delinquencies and most home loan delinquencies falling, it is an indicator that things are looking up. The economic situation is starting to brighten once again. Individual consumers and households are regaining control of their finances, going back to work and managing their money better than they were during the tough times and the debt binge that led to them.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The New Luxury Card App is Launched
The New Luxury Card App is Launched

Posted: March 18, 2019

Luxury Card has rolled out their new app, giving cardholders access to a variety of features and benefits including, finding one of a kind experiences and chat in real time with Luxury Card Concierge Specialists. These specialists can help… Continue reading

Credit Card Debt At its Highest Level
Credit Card Debt At its Highest Level

Posted: March 15, 2019

U.S. credit card debt has surpassed all previous years hitting a whopping $870 billion in December of last year. This upswing, which brought the level of consumer debt to its highest point to date, occurred when credit card balances went… Continue reading

Citi Prestige Credit Card Adds Cellphone Protection
Citi Prestige Credit Card Adds Cellphone Protection

Posted: March 14, 2019

Breaking or losing your smartphone can get expensive, but so can paying for insurance to cover it. This is something Citi knows well so they are adding cellphone protection to the Citi Prestige® credit card package starting May… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!