Search
 

Credit Card Delinquencies Up in Third Quarter 2003

WASHINGTON - The American Bankers Association is reporting that the number of past due credit card accounts hit an all-time high in the third quarter of 2003 even as delinquencies in other consumer loans fell. ABA chief economist James Chessen predicts that without strong job growth, credit card delinquencies would...

By Staff Writer | Updated on January 13, 2004

WASHINGTON – The American Bankers Association is reporting that the number of past due credit card accounts hit an all-time high in the third quarter of 2003 even as delinquencies in other consumer loans fell. ABA chief economist James Chessen predicts that without strong job growth, credit card delinquencies would remain relatively high. “The job market has been flying against strong headwinds, lengthening the time between jobs and intensifying financial stress,” Chessen said. “The strong third quarter GDP may signal a shift of the winds and a more positive outlook for jobs and financial health.” Credit card delinquencies rose slightly to 4.09% of accounts (seasonally adjusted) in the third quarter of 2003 from 4.04% in the second quarter, the ABA said. Third quarter credit card delinquencies surpassed the previous record high of 4.07% reported in the fourth quarter of 2002. Based on total dollars outstanding, bank card delinquencies increased to 4.66% from 4.51% (not seasonally adjusted), which is below the record level of 5.45% set in 1996.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.