Credit card delinquency rates rise slightly in 2014

By Staff

Delinquent credit card balances rose slightly in the third quarter of 2014 but remain far below the 15-year average, according to the American Bankers Association Consumer Credit Delinquency Bulletin. Delinquent card balances rose to 2.51 percent in the third quarter, from 2.43 percent in the second quarter.

Delinquencies, measured as the percentage of balances that are 30 days or more overdue, are still near the low point for the past 15 years, and well below the 15-year average of 3.77 percent.

"While people are clearly ready to spend again as economic activity picks up, the overwhelming majority of consumers continue to keep debt at manageable levels," ABA Chief Economist James Chessen said in a news release. Card delinquencies have held below long-term norms for the past two years, a trend he expects to continue.

Delinquencies on installment loans reached a record low of 1.51 percent in the third quarter, as measured by the ABA's composite ratio, which tracks eight types of closed-end loans. Direct auto loan delinquencies held at 0.72 percent, while indirect auto loan delinquencies fell to 1.51 percent, from 1.55 percent.

The ABA, the major trade association for U.S. banks, issues the bulletin quarterly, measuring the delinquency rates for bank-issued credit cards and other types of loans.

Credit card delinquency rates

See related: On-time payments cure the stinkiest credit, More infographics

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Published: January 12, 2015

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