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The month of May really was the month of lightened economic difficulties for most Americans. Reports conducted have claimed that May was the fifth consecutive month where the rate of credit card delinquency has dropped and still continues to drop. Even though banks have foreseen a sudden decrease in profit due to new rules and regulations imposed by the country’s government which has limited their incomes, the 30-day late accounts payments from credit cards delinquencies have decreased significantly compared from that of the previous month.
During May, from the report submitted by Capital One, there has been a 4.8 percent decrease of credit card holders who paid their dues in the 30-day due date. Chase Bank also showed the same decrease with a 4.2 percent delinquency decrease in the same month. In Discover, their credit card delinquency rate has finally dropped to 5 percent.
Like the said credit card issuers and banks, most of the credit card issuers in the country have reported a continued decrease in the rate of their credit card delinquency. This has forced leading and other credit card issuers to charge off fewer accounts. Capital One, American Express, Chase and other leading credit card issuers have also reported a decline in their credit card default accounts. However, Discover have reported a slight increase in their credit card default in the month of May.
Based on the article reported and published by The Wall Street Journal, investors have reacted positively to the figures shown in the number of credit card delinquency and in the rate of credit card default accounts. Major credit card issuers have increased the prices of their stocks two days after the announcement of this good news for the world of finance and business. They increased their prices about 2 to 5 percent from their initial price. The 30-day delinquent and charge off data was then used by economists and experts to estimate the rate of short-term and medium-term spending of consumers in the country.
Experts have stated that this decrease in the number of credit card delinquency and default have proven that most American consumers have now seen that they have to minimize their credit card expenses in order to rise from the country’s current economic instability. Many Americans have also seen that credit cards are important especially in moments of emergencies and paying their debts now would help them keep their credit accounts clean and easily usable.
