More debt and later payments for Americans in 2013

The rate of credit card payments at least 90 days overdue was 1.48 percent in the October-December quarter.
Associated Press
Feb 20, 2014

 

Many Americans took on more credit card debt and failed to make timely payments in the final quarter of 2013, when consumers typically crank up spending on holiday shopping.

Even so, the national late-payment rate remained close to its lowest level in six years, credit reporting agency TransUnion said Tuesday.

The rate of credit card payments at least 90 days overdue was 1.48 percent in the October-December quarter. That’s up from 1.36 percent in the previous three-month period, but down from 1.61 percent in the fourth quarter of 2012, the firm said.

Comments

coasterfan

This is another sign that - for more and more Americans - the economy continues to improve. People are willing to take on more debt than they were a few years ago.

Actually, the signs are everywhere. To name just a couple of many possible examples, home sales are up, new home construction is up, and houses are selling for more than they were a few years ago. Cedar Fair had a huge year in 2013, in no small part due to the fact that a rising number of people have more disposable income.

FlyBoy86

I agree with you, but I think in the Rustbelt we're still in this recession. Especially along the I-80 / 90 corridor in Ohio and Indiana.

Contango

Re: "disposable income."

Which long run, they'd be better off saving and investing for retirement or paying down current debt.

http://research.stlouisfed.org/f...

Low interest rates aren't gonna last forever.

anthras

Cfan says: "This is another sign that - for more and more Americans - the economy continues to improve. People are willing to take on more debt than they were a few years ago."

Are the people really willing to take on more debt or are they doing it as a matter of necessity? I have had persons tell they were shocked that it took $1,500 to $2,000 just to fill their propane tanks. I would think many of them may have paid via a credit card and what else may people be charging to their credit cards because of their shortage of funds ? About half of the people in this country have less than $500.00 in savings living paycheck to paycheck.

The latest figures advise that home sales are down as well as new home construction.

Dr. Information

People taking on more credit card aka plastic debt is not a good sign that things are improving.

swiss cheese kat

Exactly. Toaster just comes on here to spew more nonsense which is typical of rabid 0-bamabots.

jacksonbrowne

Once again, coasterfan, you are wrong. It is NEVER a good sign when "bad" debt, such as credit card expense, increase's. As far as the new construction...nooo for the past 2.5 months new home construction has been down.

What I believe is happening is that people are seeing our democratic gov't leaders say WTF we will just continue to spend, spend, spend and worry about the payments at a later date. After all isn't that Obama's mantra?

The Big Dog's back

Home construction is slow the past couple of months because of the cold weather, jacka$$brown.

jacksonbrowne

I understand that dogpooh. Matter of fact I did not say anything to the contrary. I believe it was your buttscratcher that said construction was up.

Darwin's choice

Douchebag. New home construction is non-existant here, try to find how many building permits for new construction have been issued, for the last three years.

Dog once again cheerleading for the failure!

angrybird

Could be people are just horrible with money? I also doubt people in debt are worrying about putting any money into 401ks or IRAs. Everybody I know that live paycheck to paycheck are morons!

Dr. Information

Just wait until April when everyone gets their refund from Uncle Sam, well not all of us. Instead of paying down debt or saving that money, what is the first thing people do? Buy a new TV, car, new xbox, new clothes. Never save, just spend.