Bad Credit Card Debt Jumps 45%
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WASHINGTON — Consumers piled up $8 billion in Visa and Mastercard debts in 1991 that will never be repaid--a stunning 45% jump from a year earlier, the American Bankers Assn. said Monday. The sour debts, written off as uncollectible by card issuers, amounted to 5.18% of the total outstanding on 3.7 million accounts.
Delinquency rates--the percentage of credit card debt payments more than 30 days past due--rose 10% in 1991 to 5.03% of the total owed. The figures were gathered from a nationwide survey of 203 card-issuing banks.
Delinquency rates have gone down since 1991, falling to 4.19% of total dollars owed at the end of the second quarter, the ABA said.
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