Credit Card Delinquencies Skyrocket

An AP analysis found startling trends in the number of people falling behind on their credit cards. In October:

  • The value of accounts over 30 days late went up 26% from the previous year
  • Defaults rose 18%
  • Accounts 90 days late rose by 50% at several large lenders
  • Perhaps since it’s harder for people to tap their houses for cash, or struggle to make mortgage payments, they’re turning to the next available line of credit and finding out that whoops we can’t pay that one either. At the same time, the ever decreasing period between when a bill is issued and when it is due certainly doesn’t help matters.

    Unpaid Credit Cards Bedevil Americans [AP via alexmoskalyukblog]
    (Photo: mojojornjorn)