In 2011, Equifax reported that of the 585 million consumers and 81 million businesses, Americans’ delinquency debt rates were significantly declining in all areas but one- student loan repayments, which were at an increase of 1%. This is good news for the US economy, meaning that there is a decline in the amount of past due credit payments. Not only that, but there is also an increase in the number of credit cards issued by lenders to subprime borrowers (borrowers with credit scores below 660). In October of 2008, overall consumer debt was at its peak of $12.4 trillion. In October 2011, there was an 11% decline.
• Bank Credit Card payments 60+ days past due declined by 29%
• Auto Finance payments 60+ days past due declined by 19%
• Auto Bank payments 60+ days past due declined by 23%
• Consumer finance 60+ days past due declined by 23%
• First Mortgage payments 30+ days past due declined by 13%
• Home Equity payments 30+ days past due declined by 10%
• Retail Credit Card payments 60+ days past due declined by 15%
To read more on this story visit: http://www.marketwatch.com/story/us-consumers-paid-down-debt-on-time-in-2011-equifax-reports-2012-01-30?reflink=MW_news_stmp
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