Fewer late credit card payments in May
More Americans appear to be getting a grip on their finances and paying their credit card bills on time as delinquent credit card payments continue to decline.
Some of the country’s most prominent credit card issuers said that payments 30 or more days late fell for the fifth consecutive month, reports Reuters.
Capital One, Discover, Chase, American Express and Citigroup all reported that fewer cardholders were late with their payments. Reuters said delinquent payments have been on the decline for the past five months.
Despite the continued trend of fewer delinquent payments, some experts don’t think that it’s an indication that the bad economic times are going to quickly become a thing of the past.
“I don’t think the trends suggest that we’re seeing incredible improvement out there – we’ve still got very high unemployment – but they do suggest that things are slowly and steadily getting better,” RBC Capital Markets analyst Jason Arnold said, reports Reuters.
The decline in late payments continues even though the nation’s unemployment rate remains high. The most recent data available found that the unemployment rate was 9.7 percent last month.