Credit Tardiness Drops Despite Tough Economy

Despite a still rough economy, things are looking up in consumer credit. In the fourth quarter, the American Banker’s Association saw levels fall in categories ranging from auto to home loans. Chief economist James Chessen states, “While this conservative approach to credit may slow economic growth in the short-term, it portends stronger, more consistent growth in the future.” Of note, bank card declines in late payments (classified as past 30 days due) were the lowest since 1994.

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