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Credit card delinquencies rose to 4.52% of total loans during the fourth quarter ended Dec. 31, from 4.2% in the previous quarter, according to a report by the American Bankers Association. The credit card delinquency rate was 4.38% for the fourth quarter of 2007. The association's report defines delinquencies as payments that are 30 days past due. "The wheels just fell off the economy in the fourth quarter of 2008," James Chessen, the ABA association's chief economist, said of the report's findings. "As the economy continues to shed jobs, it is unlikely that delinquencies will see any improvements this year." The composite ratio, which tracks eight closed-end installment loan categories such as credit card, auto and home-equity loans, rose 32 basis points to a record 3.22% in the fourth quarter from 2.9% in the previous quarter.
