Increase in late card payments for 4th Quarter
WASHINGTON - The American Bankers Association Consumer Credit Delinquency Bulletin shows that the number of credit card bills paid late increased in the fourth quarter. Fourth quarter credit card delinquencies, based on total dollars outstanding, was 4.25% up from the previous quarter's 3.93% but lower than 1999's 4.28%. The number of credit card bills paid late increased to 3.34% of all accounts compared to 3.21% in the previous quarter and 3.22% in 1999. The ABA suggests that the delinquency increase can be attributed to consumers reacting to the slowing U.S. economy. Consumers are advised to review their finances every year.