Late-stage credit card delinquencies are near a 2-year low, Fitch says

10/6/2010 | Wall Street Journal, The

Fitch Ratings reported that credit card holders who are behind in their payments by more than 60 days, known as late-stage delinquencies, dropped to a 23-month low in August. The delinquency rate for those behind by 30 days or more also fell. Banks' charge offs, however, increased after declining to a 16-month low the previous month. "With defaults still elevated and unemployment hovering near 10%, consumer credit quality measures will remain stressed," said Michael Dean, managing director at Fitch. "Absent any meaningful improvement to the employment situation, charge offs will remain high."

View Full Article in:

Wall Street Journal, The

Published in Brief: