X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-The number of credit card delinquencies is on the rise according to second quarter data from the American Bankers Association’s (ABA’s) latest Consumer Credit Delinquency Bulletin. During the second quarter of this year, 3.93% of credit card accounts were overdue, up from 2.99% in the first quarter of 2001 and 2.99% for the second quarter 2000. However, the total dollars outstanding for the second quarter credit card delinquencies were 4.13% (not seasonally adjusted), which was equal to the first quarter. These numbers are still higher than second quarter last year at 3.54%, according to ABA. The number of delinquent closed-end installment loans-which covers eight types of loans including auto, home equity, and other loans-rose to 2.51% of all accounts, up from 2.40% in the first quarter of 2001. This ratio last year totaled 2.30% in the second quarter of 2000. Direct auto loan delinquencies increased to 2.52% in the second quarter of 2001 from 2.26 in the first quarter. Delinquencies for indirect auto loans increased to 2.60% from 2.47% in the first quarter of 2001. The news is not all bad though. Delinquencies on home equity loans decreased from 1.32% to 1.18% in the second quarter based on the number of accounts. Late payments on home equity lines of credit also decreased, from 0.76% to 0.64%.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.