Delinquencies on home equity loans, bank cards hit record highs in 2nd quarterOctober 1st, 2009 Loan delinquencies hit record highs in 2nd quarterNEW YORK — Delinquency rates for three key consumer loan categories hit record highs in the second quarter, according to data released Thursday by the American Bankers Association. Rising unemployment and falling incomes were the main culprits for the higher delinquency rates for bank cards, home equity loans and home equity lines of credit, the ABA said.
More auto loan payments fall behind in 2nd-qtr than last year, but rate improves from 1st-qtrSeptember 1st, 2009 Rate of past due auto loans rises in 2nd quarterNEW YORK — The rate at which people were late making auto loan payments rose in the second quarter as consumers struggled amid rising job losses. For the quarter ended in June, the national rate of auto loans that were 60 days past due was up 7.35 percent, according to credit reporting agency TransUnion.
Rate of missed credit-card payments up from last year, but better than in 1Q, TransUnion saysAugust 25th, 2009 Data hints consumers handling credit cards betterNEW YORK — The rate at which credit card holders fell behind on their payments was far worse in the second quarter than it was last year, but did improve sharply from the alarming level seen in the first three months of 2009. The shift since the first quarter shows that consumers handled their credit better even as job losses mounted and the recession deepened, according to credit reporting agency TransUnion.
Chase introduces new Chase Sapphire credit card for top-earning customersAugust 19th, 2009 Chase introduces new card for wealthiest customersWILMINGTON, Del. — Chase Card Services, a unit of JPMorgan Chase & Co., said Wednesday it will now offer a rewards card designed for wealthy customers.
Defaults on Bank of America credit cards dip in July, delinquencies improveAugust 17th, 2009 BofA credit card defaults edge lower in JulyNEW YORK — Bank of America Corp. said Monday that credit card losses and delinquencies edged lower in July.
Defaults on Bank of America credit cards edge higher, delinquencies improve; shares dipAugust 17th, 2009 BofA credit card defaults edge higher in JulyNEW YORK — Bank of America Corp. said Monday that defaults on its credit cards edged higher in July, but delinquencies declined.
Capital One Financial US, international credit-card defaults rise in July; shares tumbleAugust 17th, 2009 Ahead of the Bell: Capital OneNEW YORK — Capital One Financial Corp. said Monday that defaults on its U.S.
Capital 1 Financial US, international credit-card defaults rise in July; shares tumbleAugust 17th, 2009 Ahead of the Bell: Capital 1NEW YORK — Capital One Financial Corp. said Monday that defaults on its U.S.
American Express reports fewer write-offs of credit card losses in JulyAugust 6th, 2009 American Express reports fewer defaults in JulyNEW YORK — American Express said Wednesday its rate of losses from credit card loans is slowing. The write-off rate on credit card balances was 9.2 percent in July, down from 10 percent for the second quarter, said Joanna Lambert, a spokeswoman for the New York-based company.
Banks turn in hefty profits, but industry still has big problemsJuly 17th, 2009 Bank profits not as impressive as they seemNEW YORK — The big banks are making big money again, but they won't be back to health as long as they have to deal with a recession and customers defaulting on mortgages and credit cards. The impressive numbers included a $3 billion second-quarter profit announced Friday by Citigroup and $2.4 billion for Bank of America.
Say goodbye to fixed-rate cards; 2 major banks switching terms in months leading up to reformsJuly 10th, 2009 Credit card pain: Some say goodbye to fixed ratesNEW YORK — It could be time to kiss fixed-rate credit cards goodbye. Two of the biggest issuers in the nation — Bank of America and Chase — say they're switching some fixed-rate cards to variable rates to manage costs in light of the sweeping new reforms to the credit card industry.
Say goodbye to fixed-rate cards; 2 major banks switching terms in months leading up to reformsJuly 10th, 2009 Credit card pain: Some say goodbye to fixed ratesNEW YORK — It could be time to kiss fixed-rate credit cards goodbye. Two of the biggest issuers in the nation — Bank of America and Chase — say they're switching some fixed-rate cards to variable rates to manage costs in light of the sweeping new reforms to the credit card industry.
New study shows consumer loan delinquencies edges up to record high of 3.23 pct in early 2009July 7th, 2009 Consumer loan delinquencies continue to riseNEW YORK — Consumer loan delinquencies edged up to another record high in the first quarter, according to data released Tuesday by the American Bankers Association. A continued rise in unemployment has been the main culprit for the continued rise in delinquencies, the trade association said.
Auto loan delinquencies shoot up 28 percent in 1st quarter, even as average loan size shrinksJune 15th, 2009 Auto loan delinquencies jump in 1st quarterNEW YORK — Those "green shoots" of economic rebound don't yet have very deep roots. While some economic indicators are pointing to better days ahead, data shows consumers continued to struggle to make loan payments in the first quarter.
Rate of missed payments for bank-issued credit cards up 11 percent in 1st qtr, TransUnion saysJune 8th, 2009 1Q credit card delinquency rate jumps 11 percentNEW YORK — Credit card holders who in ordinary years might have used their tax refunds to pay down their balances apparently spent the money elsewhere as the recession deepened in the first quarter. That's one of the conclusions that may be drawn from data showing the delinquency rate for bank-issued credit cards rose 11 percent in the first three months of the year, according to credit reporting agency TransUnion.
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