CREDIT
CARD DELINQUENCIES HIT RECORD HIGH
The
number of past due credit card accounts reached a record high in the
second quarter of 2005, the American Bankers Association reported.
Credit
card delinquencies accounted for 4.81 percent of all credit card accounts
between April and June of 2005. First-quarter delinquencies accounted
for 4.76 of accounts. The ABA attributes the record number of delinquencies
to rising gas prices.
In
June 2005, the average price of a gallon of regular grade gas was $1.54.
At the end of 2004, the price was $1.41.
“The
first two quarters of 2005 have not been pretty” said ABA chief
economist James Chessen. “Gas prices are taking huge chunks out
of wallets, leaving some individuals with little left to meet their
financial obligations. With gas prices still rising, the third and fourth
quarters did not do any better.”
In
November of 2005 the price of a gallon of regular gas was $2.80.
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