Credit Card Default Payments ~~Financial Matters of Life ~~
Capital One credit card defaults, delinquencies down in April
A recent U.S. report Credit card company Capital One said that the failures of their cards declined significantly in April.
In its latest filing, the company said that the debts of their annual net charge-off – He believes will never collect – fell to 9.68 percent. That was a drop of 1.19 percentage points from March, according to a Reuters report, an indication that Consumers were able to pull further away from the debt when the economy improves.
In addition, the accounts had been delinquent for 30 days, a potential indicator of future losses, fell from 5.30 percent to 5.07 percent.
One international capital charge rates, which include loans in the United Kingdom and Canada, also declined from 9.40 percent to 8.60 percent and the delinquency rate decreased slightly from 6.39 percent to 6.28 percent.
Even the company's charge-off and delinquency rates on auto loans decreased. Charge-offs declined to 2.10 percent in March to 1.75 percent in April and delinquencies fell from 7.58 percent to 7.13 percent.
However, Capital One reports go against a recent trend in which consumers default generally decreased, but increased credit card defaults, according to a recent report in the New York Times.
The report, citing the latest S & P / Experian, said that in the three months to April, the rate of default on credit card loans had risen 9.14 percent, the highest rate since the index began in 2004.
What is the trend, says David Blitzer, managing director of S & P, is that consumers are more willing to pay loans on larger purchases, like mortgages and auto loans, rather than worry about credit card payments.
"In these areas, by default bottomed out around the same time as the stock market in the first half of 2009," Blitzer told the Times. "The bank cards, on the contrary, continue to worsen and are at levels not seen in the history of these indices. "
However, these defaults do not include loans that are overdue, but rather those who have fallen six months of delay if the debt has been written off as irrecoverable by the lender or the borrower declares bankruptcy.
But because these indexes do not include April, as the new Capital One make presentations, can be a sign that the consumer's ability to settle the debt with the economy is strengthening.
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Defaulting on credit card payments is a okay
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