More people paying credit cards on time

[NNN0LHI]

http://www.suntimes.com/business/currency/1468817,CST-NWS-credit10.article

March 10, 2009

Consumers did a better job of managing their credit in the fourth quarter of 2008, helping push the national average credit card delinquency rate down to 1.21 percent -- 11 percent less than a year ago, credit card rating agency TransUnion said Monday.

"Consumers . . . are making every effort to pay their credit card bills on time," said Ezra Becker of TransUnion.

[Turbineguy]

1. Ugh...Yeah...

Would retail sales being off a cliff have made paying the credit card bill easier?

[gratuitous]

2. This is bad news for the companies

They depend quite heavily on the additional charges, penalties and interest they tack on to slow payers and delinquent payers. Timely payments and responsible handling of credit cards means that companies will need to pump up the interest rates on everyone to make enough profit.

[mucifer]

4. soooo sad poor visa!

:cry:

[SoCalDem]

8. Unless they are paying them OFF, the companies are benefitting

My guess is that people who may have let them slide occasionally are now afraid they might be cut-off, and they may be planning on keeping those cards in case they get laid off....

If you pay the full amount every month, and you have cut back on spending, the monthly pay-off is easier too..:)

[sarcasmo]

3. In a related note, credit card companies hike all cards to 28.9 percent.

Sarcasm, that isn't to far from the truth.

[HALO141]

5. Good

Deficit spending has to stop some time.

[Sinistrous]

10. I just noticed something very strange:

My credit card company dropped my APR on purchases by 3.5% this month. The rate is still usurious, and I will still pay the full balance every month, but I find the fact that the rate dropped at all too be odd.

[RaleighNCDUer]

6. How dare they!

Those deadbeats!


Deadbeat - (n) 1. a credit card user who maintains a zero balance on his card(s) thus avoiding all fees. 2. a credit card user who makes his monthly payments, usually of more than the minimum due, before the due date, thus avoiding any punitive fees.

[Rainbowreflect]

7. We actually paid off all our credit card bills last week. NO MORE!

[SoCalDem]

9. It's the BEST feeling to not have to pay them:)

and the extra cash in your account is nice too:)

congrats...

[sarcasmo]

11. It is a good feeling, Congratulations.