Delinquency Rate on Credit Cards Jumps

According to a recent report, the delinquency rate on credit cards jumped more than 10% in the first quarter of 2009 when compared to the first quarter of 2008. The report, which was conducted by TransUnion, defines delinquency as credit cards that have had no payments for three or more months.
In 2008, the delinquency rate was around 1.2%. In 2009, that number jumped to more than 1.3%.
Well some industry observers were hoping for a decline on delinquency rates, this news doesn’t come to the surprise of most experts. With the national economic downturn yet to heal, consumers are struggling to …read more