by Bill McBride on 4/14/2008 03:02:00 PM
Monday, April 14, 2008
From a Moody's Credit Card Credit Indices (via Dow Jones): Credit Card Charge-Off, Delinquency Rates Up In Feb (no link)
The charge-off rate climbed to 5.59% in February - the highest rate since December 2005 - from 4.51% a year earlier. That was the fifth consecutive monthly increase from the previous month and the 14th month in a row that the rate was higher than the year-earlier period.This is more evidence of consumer stress.
The February delinquency rate was 4.53%, the highest since March 2004. The delinquency rate, which was 3.89% a year earlier, measures the proportion of account balances for which a monthly payment is more than 30 days late as a percent of total balances.
The percentage of credit card balances being paid fell to 17.3% in February from 17.7% a year earlier. That was the sixth month in a row that the rate fell from the year-earlier period.
Posted by Bill McBride on 4/14/2008 03:02:00 PM