(AP)
NEW YORK - Credit card users are so focused on keeping their accounts in good standing that they've driven the rate of late payments down to its lowest level in 17 years.
The national credit card delinquency rate, or rate of payments 90 days or more past due, fell to 0.60 percent in the second quarter, down from 0.92 percent a year ago. That's the lowest rate since 1994, according to credit reporting agency TransUnion.
3 comments:
Now they will have to raise rates to make up for lower fee income. lol
Is it "keeping their accounts in good standing" or trying to avoid a $35 late fee and 32% interest? I'm going with the latter....
With the new credit card laws the issuers have tightened up qualifications to the point where fewer deadbeats can get credit.
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