New data from the Federal Reserve shows positive signs when it comes to credit card delinquency rates in the US. Delinquencies and Charge Offs have taken a plummet for the ninth quarter in a row to just 3.47% for July through September of this year.
This is the lowest the rates have been since before the recession began which is a good sign for the economy and could help credit card fees decline. In fact, they have dropped to the lowest level since the first quarter of 2005, when the rate was at 3.46%. Prior to the low in 2005, the last previous low was over 16 years ago, in 1995.
To put this into perspective, the average quarterly delinquency rate was actually 4.3% in 1992. Compare this to the 3.46% for this year, and it’s clear that things are headed in the right direction.
This is just another sign that the worst of the recession is behind us and that we are indeed on the road to economic recovery.
Another sign that credit card companies are no longer hurting is the increase in generous sign up offers. The holiday season has brought with it a number of very good credit card offers with cash incentives attached. These incentives actually make it so you get paid for your purchases without having to pay any interest for up to 21 months in some cases.
Click here to view the entire list of amazing cash back credit card offers available right now.
As always, stay tuned to CreditCardsProfessor.com for more of the latest credit card news, special credit card offers and important cardholder updates.
Image Source: Wallstreet Pit
| < Prev | Next > |
|---|
