Credit card delinquencies hit index record

[marmar]

from CNNMoney:



Credit card delinquencies hit index record
For the second month in a row, a record number of U.S. consumers were late on their payments, according to Fitch.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: March 10, 2009: 1:13 PM ET


NEW YORK (CNNMoney.com) -- Cash-strapped American consumers are not paying credit card bills on time, sending delinquency rates to their second straight record high in a report compiled by a credit rating agency.

Fitch's Prime Credit Card Delinquency Index measures credit card debt more than 60 days late through January, and it surged to a record 4.04% in the most recent month, trumping the 3.75% record set in the previous month.

During the last three months, the index has climbed 23%, putting the index 30% above historical averages. Fitch started the Prime Credit Card Index in 1991.

"Record credit card delinquencies are just the latest sign that U.S. consumers are under considerable levels of stress," said Fitch managing director Michael Dean in a written statement.

Record delinquency rates are a harbinger of record default rates, according to the report. ..............(more)

The complete piece is at: http://money.cnn.com/2009/03/10/pf/fitch_default/index.htm

[Cronus Protagonist]

1. Yeah, they can raise my interest rates to 90% if they want

I'm still defaulting on them. You can't put the cat back in the bag.

[radfringe]

2. doing to themselves

the higher they raise the rates - the more people will default...

[Cronus Protagonist]

3. Precisely.

They can't put me in jail and I have no assets left. Thankfully, Bush wasn't able to build new workhouses, so fuck 'em all.