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Card delinquencies expected to fall, though some may consider consumer credit counseling for more help
12/19/2009
Some people are facing problems trying to pay off debt, though a recent report from TransUnion indicates that credit card delinquency rates should fall by the end of 2010.
In its annual credit forecast, the firm said that delinquencies on credit card debt should drop from 1.07 to 1.04 percent of accounts from the end of 2009 to the end of next year. That represents a 2.08 percent drop and the third consecutive year-over-year decrease.
"We anticipate that credit card delinquencies will decrease for the third straight year as consumers continue to keep incremental debt to a minimum and aggressively manage debt repayment," Ezra Becker, director of consulting and strategy for the group, said.
However, the decline does not compare to past year-over-year percentage drops. For example, credit card debt delinquencies of 90 days or more dropped 11.6 percent from 2008 to 2009 and fell 11 percent from 2007 to 2008.
Becker said that the reason the drop could be lower is because the nation's current economic situation won't allow consumers to do anymore to pay off debt.
However, consumers should keep in mind there are ways they may be able to pay down their credit card debt. One option may be to consider going to a consumer credit counseling agency, which can help people set up a plan to pay down their debt.
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