Decline in Late Credit Card Payments

The American Bankers Association reports that the portion of past due credit card accounts fell slightly from the record high of 4.07 percent in the first quarter of 2003 to 4.04 percent outstanding (both percentages seasonally adjusted). If the data were based on total dollar amounts, bankcard delinquencies remained at 4.51 percent (not seasonally adjusted).

However, the composite ratio of the number of closed-end installment loans 30 days or more past due rose to 2.18 percent of the accounts, seasonally adjusted. This was the highest level since the 2.34 percent rate reached in the fourth quarter of 2001. The number of delinquent home equity accounts that were past due rose from 2.02 to 2.48 percent of home equity loans outstanding. The data provided by the American Bankers Association shows that delinquency rates on indirect auto loans were 1.86 percent in the first quarter of 2003, up from 1.79 percent in the previous quarter. Over the same period, delinquencies on direct auto loans remained at 2.41 percent.