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Top US lenders have reported to have a reduced number of credit card delinquents on May. Reports say that top US lenders have been receiving regular credit card payments, and most bills are paid on time. All the six top US credit card companies have a decreased 30 day delinquencies number and five of these lenders reported to have a reduced credit card default. This was the 5th consecutive month that the percentage of credit card delinquencies has dropped. Credit card delinquencies are used to estimate the number of defaults for the next 3 to 4 months. With this development, lending companies can expect to collect their issued credit, thereby ensuring greater liquidity for the company.
May was, in fact, the most improved month this year. Only Discover Financial reported to have an increase in the number of debts in the month of May. The company declared that there was an 8.82% rise for May compared to only 8.42% issued in April.
Again American Express has reported the lowest credit card delinquency for the month of May. Statements show that the company has registered 2.9% delinquency in May, a .02% decrease from April’s 3.1%. On the other hand, the Bank of America (BofA) registered the the highest rate of delinquencies for both April and May. The good news, BofA reports, is that the company has a lower delinquency rate compared to the previous month. The company has reported a 3.4% percent decrease from April to May. Even though Discover Financial did not decrease in the 30 day delinquency rate their delinquent credit card percentage fell. With a 4.95 percent decrease in May from the 5.20 percent in April which shows that the company would have a fewer defaults.
In spite of the good decrease in the credit card delinquencies and defaults, the number of delinquents still remains elevated. The country may be returning to an economic stability but at a very slow movement. This might take the country a longer time before it achieves its economic balance. This is because of the great number of unemployed Americans. The number of unemployed citizens would in fact still increase and remain high until the country has found new and developed ways of uplifting the country’s economy and the job market.
Bank of America has already made plans to concentrate on helping small time business establishments financially. This would help lessen the country’s unemployment and economic problems.
