Delinquencies on bank-issued credit cards — on accounts that were 30 days or more overdue — fell to 2.41% in the first quarter of 2013, the lowest level since 1990, according to an American Bankers Association report released Tuesday. Delinquencies in 10 other lending categories, ranging from car loans to personal loans, also shrunk during the quarter, according to the report.
“Many consumers have learned the hard lessons of recession, and have redoubled their efforts to keep debt at manageable levels,” James Chessen, ABA’s chief economist said in a statement.
Delinquencies on bank-issued credit card accounts, which declined for six consecutive quarters, were less than half the record high of 5.01% set in 2009 and well below the 15-year average of 3.87%.
