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Record Credit Card Delinquencies In Q2 As Gas Prices Squeeze Poorer Shoppers; Number of late accounts climb, late balances slide; energy costs higher in Q3.(A)
Publication: Investor's Business Daily Publication Date: 29-SEP-05 |
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COPYRIGHT 2005 Investor's Business Daily, Inc.
Byline: LAURA MANDARO
The number of delinquent credit card accounts rose to a record high in the second quarter as higher gas prices took a bigger chunk out of consumers' wallets, said a bank trade group Wednesday.
A survey of commercial banks found 4.81% of consumer bank cards were 30 days or more past due, the highest reading since the American Bankers Association began tracking the data in 1973.
That's an increase from the first quarter's upwardly revised 4.76%.
Late Balances Declining
While more card holders stopped payments, the volume of bad loans actually declined.
The percent of overdue credit card balances fell...
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