BIRMINGHAM, Ala. – More credit card holders are paying their bill on time, as shown by the lowest credit card delinquency rate in 18 years, according to the website lowcards.com.
The delinquency rate for credit card accounts peaked at 5.01 percent in 2009, according to a press release on the website.
The number of accounts 30 days or more overdue dropped to 2.47 percent in the fourth quarter of 2012, according to American Bankers Association figures cited by lowcards.com. That was down from 2.75 percent of accounts 30 or more days overdue in the third quarter of 2012.
The drop in the delinquency rate is attributed part to lending institutions lowering the credit limit on many accounts and tightening lending standards.
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PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.