Jump to content
House Price Crash Forum
Sign in to follow this  

More Customers Default On Credit Card Payments

Recommended Posts

More customers default on credit card payments

More and more customers are unable to keep up with credit card payments as the recession deepens, it has been revealed.

Many of the customers are using their tax refunds to deal with other financial issues as a result of the downturn, it was further disclosed.

Figures show delinquency rate in the first quarter of the year for bank-issued credit cards rose 11 per cent, according to credit reporting agency, TransUnion.

Default rate jumped 1.32 per cent this year from 1.19 per cent in the first three months of 2008, the agency added.

The statistics measured the percentage of card holders who are three months or more past the dates their payments are due for cards bearing MasterCard and Visa logos, along with American Express and Discover cards.

It was also claimed that average total debt on bank cards also rose from $5,548 (£3,448) last year to $5,776 (£3,588).

Balances typically rise in the first quarter as holiday spending comes due, said director of consulting and strategy in TransUnion’s financial services group, Ezra Becker.


Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   327 members have voted

    1. 1. Which of the Prime Minister's options would you choose?

      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.