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Credit card issuers reporting a drop in delinquency rates for July
By Marvin Milner on Aug 22nd, 2010
As Americans gain a better grasp on their wallets amidst the financial crisis, experts believe that this may result in an economic upswing. Household debt is continuing to decrease across the country as more families focus on rebuilding their savings.
The Street, a financial news site, says that a number of the large credit card companies in the U.S. are reporting an even further drop in delinquency rates for the month of July. American Express, Capital One, Discover, Bank of America, and Citigroup all say they have written off less charges than in June. Charge offs consist of money that issuers do not expect borrowers to ever repay, typically between 90 and 180 days after the last late payment.
Rochdale Securities industry analyst Richard Bove tells the website that he believes lenders' tightening restrictions and the Credit Card Accountability, Responsibility and Disclosure Act played a role in pushing Americans toward financial responsibility.
Consumers still struggling with debt could consider consolidation. By taking out a smaller loan with a lower interest rate, borrowers can reduce their monthly payments.
More General Debt News
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