Consumers are increasingly paying down their debts, according to the American Bankers Association.
Delinquency rates in the fourth quarter of 2011 fell across all loan categories the trade group monitors, including credit card, auto and home loans, the association reported April 5. Bankcard delinquencies fell from to 3.17% from 3.25% the previous quarter, the lowest delinquency rate since 2001.
The trend builds on gains seen the previous quarter, when delinquency rates fell across seven of the 11 categories the group tracks, but not cards.
“You can’t get a better consumer credit report card than this,” said association Chief Economist James Chessen in an April 5 press release, adding that the ABA hasn’t reported a quarter where every single loan category improved since 2004.
