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Delinquent credit card debt falling to low levels

People who have credit card debt usually want nothing more than to simply have those cards paid off so they no longer have to worry about them. According to the American Bankers Association, credit card delinquencies are lower in the first quarter of 2014 than the 15-year average. The ABA's chief economist says that credit spending is increasing, but delinquencies are still at low levels. Pennsylvania readers might be interested in learning more about this trend.

For the purpose of the report, the ABA defines delinquent as a payment that is 30 days or more past due. The 15-year average for these payments is 3.82 percent, but in the first three months of the year, the average was only 2.44 percent. This shows that consumers are paying off or paying down the credit card balances monthly. This is being credited to the improving economy.

It is possible that these numbers could go up in the upcoming months, but that variance will likely be small, since the numbers are expected to remain close to their current levels. While this certainly points to people being able to better cope with credit card bills, there are still some people who are unable to keep up with the payments for one reason or another.

Those who are behind on credit card payments might have legal options available to help them conquer their credit card debt because nobody should be subjected to harassing phone calls or sleepless nights because of credit card debt. Learning about these options might help them to make an informed decision about how to get a fresh financial start.

Source: The Hill, "Bankers: Credit card delinquencies fell significantly in the first quarter" Vicki Needham, Jul. 10, 2014

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Joshua Z. Goldblum, Attorney at Law
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