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.
During 2011:
• 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
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
