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Capital One reports increase in delinquency rates
By Peggy Stillwell on Sep 16th, 2010
Capital One announced this week its number of credit card delinquencies slightly rose in the month of August. This comes after four consecutive months of decline, hinting more Americans may be finding trouble paying off their debt.
A number of credit card companies reported consistent drops in delinquency rates throughout the summer, leading analysts to believe Americans may finally be getting a grasp on their personal finances. The statistics from Capital One, showing an increase from 8.13 percent in July to 8.19 percent in August, has experts second-guessing, according to Reuters.
For auto loans, Capital One reported its charge-off rate has rose to 2.7 percent in August, up from 2.6 percent in July. The delinquency rate increased to 8 percent from 7.7 percent last month as well. Analysts believe consumers are presumably concentrating on rebuilding their savings.
Individuals struggling with their monthly payments can consider debt counseling. By meeting with an expert, consumers can decide whether it's best to consolidate their debt to reduce their overall expenses.
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