One of the nation’s largest credit card lenders recently announced that it saw the rate at which consumers fell behind on their payments for the first time increased during the month of July.
Capital One Financial’s latest regulatory filing with the federal government revealed that the lender saw credit card delinquencies – those accounts that had gone 30 days or more without a payment – increase in July, according to a report from Dow Jones Newswires. In all, these late accounts increased to 3.37 percent of all balances, up from 3.33 percent in June.
However, the number of accounts so far behind on payments that they are deemed uncollectable by the lender fell appreciably to 3.77 percent, down from the 4.41 percent observed the previous month, the report said. It was the eighth consecutive month of declines in the company’s charge off rate.
Rising prices for necessities such as food and gasoline have already been called troublesome for many consumers, who have had to put these purchases on their credit cards as their monthly budgets are stretched thinner.