The American Banker's Association released their Q2 2011 consumer loan delinquency statistics. A delinquency is a loan payment that is 30 days or longer late. No surprise, people late on payments or defaulting increased for Q2 2011.
The credit card charge off rates are astounding. A charge off is when the company believes they the card holder has abandoned the debt and won't pay it off.
Bank of America said write-offs rose to 14.54 percent, the highest among the six U.S. lenders reporting today. That compares with 13.81 percent in July, according to a federal filing by the Charlotte, North Carolina-based company.
Citigroup’s soured loans rose to 12.14 percent last month, from 10.03 percent, while JPMorgan said write-offs advanced to 8.73 percent from 7.92 percent in July.
We might as well put on every post, Americans are flat busted!
The Federal Reserve released today the consumer credit numbers.
Consumer credit decreased at an annual rate of 5-1/4 percent in the second quarter.
Revolving credit decreased at an annual rate of 8-1/4 percent, and nonrevolving credit decreased at an annual rate of 3-1/2 percent. In June, consumer credit decreased at an annual rate of 5 percent.
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