Nationwide credit card delinquencies continue to fall
The number of consumers who fell behind on their monthly credit card bills during the month of July continued to slide across the country, as well as in most of the 30 largest metropolitan areas.
Since the end of 2007, consumers in the nation’s 30 largest metropolitan statistical areas have done a far better job of paying their monthly credit card bills on-time, with Cleveland enjoying the largest improvement in the number of 60-day delinquencies, according to new statistics from the credit monitoring bureau Experian. The Ohio city has seen credit card payments improve 34.7 percent, while San Antonio and Cincinnati were the only two cities to see improvements of 30 percent or more.
Meanwhile, Miami, Phoenix and Tampa were at the bottom of the list, though all showed some improvement, the report said. Miami’s rate of 60-day delinquency climbed just 1.4 percent, while Phoenix and Tampa ticked up 2.4 percent and 5.3 percent, respectively.
Many consumers have been in a better position to pay their monthly credit card bills as the economy has slowly improved for the last year or so, leading to fewer delinquencies and charge offs for all of the nation’s top lenders.