- Ask Stacy: Should I Borrow From My Retirement Account to Pay Debts?
- Are You Wasting Your Money Buying Organic Food?
- The Most Expensive Mortgage Mistakes You Can Make
- Get Your Drink On for Cheap in These Cities
- Obama Makes Government Credit Cards Safer
- Apple Pay Begins: What You Need to Know
- 20 Ways (and 30 Apps) to Make Your Smartphone Pay for Itself
- 7 Reasons Why Your Debt Repayment Plan Isn’t Working
They say the number of people more than a month behind on bank-issued credit card payments is down to 2.75 percent – the lowest delinquency rate in 18 years. The 15-year average is 3.87 percent. Just four years ago, it was above 5 percent.
Delinquencies on property improvement loans, home equity loans, and home equity lines of credit dropped in the last quarter of 2012 for the first time in over a year. Auto and mobile home loan delinquencies were up slightly.
ABA chief economist James Chessen said, “While this conservative approach to credit may slow economic growth in the short-term, it portends stronger, more consistent growth in the future. The sharp decline in delinquencies reinforces the notion that the economic recovery has become more self-sustaining and is on a path to increased growth.”