Credit card delinquencies down in April

Credit card delinquencies down in April
Tags: Bank / Credit Union, Debit / Credit
May 18, 2010

For the fourth straight month, U.S credit card delinquencies fell.

According to Reuters, default rates fell to their lowest of the year for most of the six major U.S. lenders, with Bank of America Corp. being the only exception.

While the delinquencies have consistently dropped in 2010, analysts are still cautious about the future, citing an unemployment rate near 10 percent as a reason to believe delinquencies and default rates will remain high. Also, delinquency rates typically decline during the first months of the year as consumers receive tax refunds.