The number of consumers behind on their credit card payments fell to an eight-year low in the first quarter of 2010, the American Bankers Association said Wednesday.
High unemployment and plummeting home values during the financial meltdown appear to have spurred consumers to shore up their finances and banks to limit their lending, resulting in fewer Americans being late with payments, the industry group said.
And ABA's composite ratio, which tracks delinquencies across eight key categories, fell to 2.98% from 3.19% the previous quarter -- a sign of modest improvement in the U.S. economy, the group said.
This would be great news, but I fear people are paying their credit cards over their mortgage payments...Forgive them Father for they know not what they do.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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