This is what American Bankers Association said about credit card delinquencies in June. Does anyone have more recent information? Doug?
Sabri ++++++++++ http://www.aba.com/Press+Room/062502delinquency.htm NEWS RELEASE 2002 ABA Media Contact: Julie Malveaux (202) 663-5466 E-mail: [EMAIL PROTECTED] ------------------------------------------------- FEWER PEOPLE REPAID LOANS LATE IN FIRST QUARTER 2002 Credit card delinquencies held steady while auto loan defaults dipped WASHINGTON, June 25 - The number of people past due on their credit card bills held steady in the first quarter of 2002 while other loan delinquency rates dropped, according to the American Bankers Association's (ABA) latest Consumer Credit Delinquency Bulletin. While credit card delinquencies remain unchanged�from 3.88 percent (seasonally adjusted) in the fourth quarter of 2001�the composite ratio of closed-end installment loans 30 days or more past due fell from 2.34 percent of all accounts to 2.10 percent in the first quarter. The composite ratio tracks eight types of closed-end consumer installment loans including auto, home equity and personal loans. The composite's 2.10 percent delinquency rate is the lowest reported since the second quarter of 1999 (2.09 percent). First quarter 2002 credit card delinquencies based on total dollars outstanding also fell, to 4.50 percent (not seasonally adjusted) from the previous quarter's 4.67 percent but higher than 4.13 percent reported one year ago. "The fact that delinquencies have either held steady or improved reflects the underlying strength of consumer finances," said ABA Chief Economist James Chessen. "A combination of low rates and a growing economy have helped fuel loan growth and improved the ability of many consumers to pay their bills. Consumers' ability to manage their debt should continue to improve as the economic recovery picks up steam." As in the fourth quarter of 2001, the composite ratio decreased in large part because of a decrease in auto loan default ratios. Though direct auto loan delinquencies inched up to 2.29 percent from 2.27 percent in the fourth quarter of last year, delinquencies for indirect auto loans fell substantially from 2.35 percent to 1.98 percent. The ABA also reports that delinquencies on home equity loans, based on the number of accounts, decreased from 1.38 percent to 1.28 percent in the first quarter. Late payments on home equity lines of credit also decreased, from 0.81 percent in the fourth quarter of last year to 0.64 percent in the first quarter. Home equity numbers are not seasonally adjusted. Home equity lines continue to be the loan category with the lowest delinquencies. <SNIP>
