| May 11, 2011

Credit card delinquency and default continue improvements

Instances of consumers who fall behind in making monthly payments into their credit card debt continue to decline. The latest drops brought both delinquent and defaulted accounts to levels not seen since the start of the recession.

During the month of March, accounts that were 60 days or more delinquent fell to 2.93 percent of all balances, and those that were so far behind on payments that they had to be stricken from lender records dipped to 7.88 percent, according to the latest statistics from Fitch Ratings. It was the first time 60-day delinquencies fell below 3 percent in three years, and charge offs were at their lowest rate since February 2009.

“Despite high jobless claims and unemployment, U.S. consumers are whittling away their debt levels while credit quality measures continue to improve,” said Fitch managing director Michael Dean.

However, some industry experts warn that these improvements may be the result of not only consumers being more conscientious in making bill payments, but also of past defaults locking many riskier borrowers out of the lending system.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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