At 2.47 percent, late payers are half the number they were during the recession
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The ABA’s available data on card delinquency rates – defined as those accounts at least 30 days overdue – goes back to the first quarter of 1993, with a rate of 2.74 percent. When the rate sank to 2.44 percent 18 months later, that became the low-water mark for almost 19 years.
In the time between, delinquency rates ascended to 4 percent in September 2002 and stayed above that threshold until early 2010. They reached their peak of 5.01 percent in the second quarter of 2009, in the throes of the Great Recession.
Delinquency rates have held below 3 percent for four years now, setting a new low of 2.41 percent in 2013’s first quarter. The latest reading of 2.47 percent follows a 2015 fourth quarter rate of 2.52 percent.
The American Bankers Association’s Consumer Credit Delinquency Bulletin is released quarterly. Data from the first quarter of 2016 were released July 7.
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