Credit Card Balances, Accounts & Delinquencies All Decline
The new Quarterly Report on Household Debt and Credit, published by Federal Reserve’s Bank of New York, shows that credit card balances, delinquencies and number of accounts all showed declines in the second quarter from the previous quarter.
Credit card balances are at $672 billion, the lowest level since 2002. This represents a decrease of 22.4 percent from their peak of $866 billion which took place in the fourth quarter of 2008.
Credit card delinquencies of 10.9 percent are at their lowest level since 2008.
The number of open credit card accounts was 383 million, down 23 percent from the 2008 peak of 496 million accounts.
Other figures of note:
- Student loan debt rose $10 billion to $914 billion in the second quarter.
- Auto loans of $750 billion represented an increase of $13 billion over last quarter.
- Delinquency rates for mortgages and auto loans both showed declined from the previous quarter
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.