Tag: Delinquencies

Bankruptcy Law, Credit, Timothy Kingcade Posts

Credit Card Delinquencies Reach New Lows

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According to Fitch Credit Ratings, preliminary results indicate that credit card ABS data improved across the board through the end of March. The report also indicated that 60+ day delinquencies are expected to hit an all-time low for general-purpose card issuers. Additionally, retail delinquencies are expected to reach 7-year lows. The data supports the ongoing positive performance and stability for U.S. credit card ABS.

Fitch’s Prime 60+ Day Delinquency Index is projected to decline to an all-time low. It fell below 1.60% during the March 2013 reporting period. The report also suggests that monthly payment rates are likely to improve. Chargeoffs are expected to remain flat for the Prime Credit Card Index. Fitch’s Gross Yield Index is expected to rise to over 19% for the first time since October 2011. Retail 60+ Day Delinquency Index is expected to decline to its lowest level since January 2006.

Click here to read more about Fitch’s Credit Card Delinquencies reaching new lows.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Credit Card Delinquencies Reach 18-Year Low

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Credit card users are using some of the best bill paying practices in nearly two decades. In the fourth quarter of 2012, delinquencies on bank-issued credit cards sank to 2.47%. This is the lowest level of delinquencies since 1994, according to an American Bankers Association report. It was significantly down from the previous quarter, which was 2.75%. The record high was set in 2009 at 5.01%. According to ABA Chief Economist James Chessen, credit card delinquencies fell throughout most of 2012.

In addition to consumers being more careful about paying their bills on time, banks are also being more conservative when approving people for credit cards. Banks are taking steps to ensure the consumer has the capacity to repay their debts. Delinquencies in three real estate related categories also fell in the fourth quarter: home equity loans, home equity lines of credit and property improvement loans. These declines reflect another sign of the housing market recovery. Auto loan delinquencies arranged through third parties, such as car dealers, also dropped in the fourth quarter to 1.85%, down from 2.08% in the previous quarter. However, credit card delinquencies on mobile homes and boats both increased at the end of 2012. Student loan 90-day delinquencies also increased during the fourth quarter of 2012 to 11.7%, up from 8.69% at the end of the first quarter of the year.

Click here to read more about the 18-year low on credit card delinquencies.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. 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 website at www.miamibankruptcy.com.