Bank Card Delinquencies Dip to 8-Year Low

Discussion in 'Economy' started by topspin, Jul 7, 2010.

  1. topspin
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    topspin BANNED

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    Bank Card Delinquencies Dip to 8-Year Low
    Published: Wednesday, 7 Jul 2010 | 6:39 AM ET Text Size By: ReutersDiggBuzz FacebookTwitter More Share
    U.S. bank card delinquencies dipped in the first quarter of this year to the lowest level in eight years, reflecting measured improvement in the overall economy.



    The American Bankers Association said consumer loan delinquencies improved for the third quarter in a row, falling to 2.98 percent of all accounts from 3.19 percent the prior quarter.

    Delinquencies are defined as a late payment that is 30 days or more past due.

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  2. editec
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    editec Mr. Forgot-it-All

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    That's probably because so many people are now in total default that they are no longer delinquint.

    Once the debt gets sold to the bottom feeding credit recovery agencies those accounts are no longer ON the CCC's books.
     
  3. topspin
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    topspin BANNED

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    wow, I should be loading up on stocks. When good news is turned into bombs the fear is near peaking.
    People are watching thier big purchases ie. auto's way down, housing way down.

    Remember 90% ish are still working and making more.:clap2:
     
  4. eagleseven
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    eagleseven Quod Erat Demonstrandum

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  5. Pepe
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    Pepe Senior Member

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    Last time I looked the Default Rate on Credit Cards was a little over 9% but that was last May.

    However, the Issuers have sent millions of Notices cancelling Accounts as well as lowering Credit Lines since that time.

    Throw in some 3 Million Bankruptcies over the last two years and shazaam, you get some "Kumbaya" numbers for the "Sheeple's" consumption. Anything to get the Sheep back into the Mall to shop until they drop.
     
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  6. mascale
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    mascale VIP Member

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    Lending is back. Consumers now repay.

    "Crow, James Crow: Shaken, Not Stirred!"
    (Her Majesty's PM had been cautioning this at Davos, two years ago, in fact. Mostly the Bankers of the United States had failed to show up, having already been encouraged to shoot the Troubled Assets, and bank the bonus for themselves!)
     
  7. CMike
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    CMike Zionist, proud to be

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    Probably because so many people can't get credit now.
     
  8. Jeremy
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    Jeremy TRANSFER!!!

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    I work in retail payment solutions (credit cards) for a major FI and I can tell you it has nothing to do with economic improvements. The massive amounts of accounts that originally went delinquent at the begining of the financial crisis are now coming off of the books due to charge offs. Not to mention the freezing of credit, line management reductions and the landslide of internal "workout" or "hardship" programs that will allow a cardholder to break away from the contract they originally agreed to and go on a reduced payment plan in exchange for closing the account. Thus keeping the account from being reported as 30 days delinquent to the bureaus. This article is pure propoganda. But I'm not surprised based of it's source.

     
  9. KissMy
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    KissMy Free Breast Exam

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    You nailed it there.

    Meredith Whitney - Large numbers of people getting kicked out of the financial system
     
  10. CMike
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    CMike Zionist, proud to be

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    And that is the major reason for the economic demise.

    Obama started mircromanaging banks, so now they are afraid to lend money to people who need them.

    Businesses need cash flow via loans. No cash flow via loans, bye bye jobs.
     

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