Credit Card Delinquencies on the Rise

Wednesday 1 December 2004 10:06 CET | News

The number of consumers who are having trouble making the minimum monthly payments on their credit cards is on the rise. In the last quarter of 2003, credit card delinquencies rose considerably to 4.43 percent of accounts, according to a recent American Bankers Association bulletin. Bank card delinquencies also increased.

Consumer Credit Counseling Services (CCCS), a division of Money Management International (MMI) suggests that one possible reason cited for the increase is unemployment. With the average length of unemployment nearing 20 weeks, many consumers are forced to rely on credit cards to bridge the income gap. Furthermore, financial obligations remained above 18 percent of personal income.

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Categories: Payments & Commerce | Payments General
Countries: World
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