On the heels of the subprime mortgage meltdown comes news that Americans are falling behind on their credit card payments at an alarming rate.
San Francisco — Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.
An Associated Press analysis of financial data from the country's largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears.
Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for an already sputtering economy.
"Debt eventually leaks into other areas, whether it starts with the mortgage and goes to the credit card or vice versa," said Cliff Tan, a visiting scholar at Stanford University and an expert on credit risk. "We're starting to see leaks now."
The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP. That represented more than 4 percent of the total outstanding principal balances owed to the trusts on credit cards that were issued by banks such as Bank of America and Capital One and for retailers like Home Depot and Wal-Mart.
At the same time, defaults - when lenders essentially give up hope of ever being repaid and write off the debt - rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission.
Serious delinquencies also are up sharply: Some of the nation's biggest lenders - including Advanta, GE Money Bank and HSBC - reported increases of 50 percent or more in the value of accounts that were at least 90 days delinquent when compared with the same period a year ago.
The AP analyzed data representing about 325 million individual accounts held in trusts that were created by credit card issuers in order to sell the debt to investors - similar to how many banks packaged and sold subprime mortgage loans. Together, they represent about 45 percent of the $920 billion the Federal Reserve counts as credit card debt owed by Americans.
Until recently, credit card default rates had been running close to record lows, providing one of the few profit growth areas for the nation's banks, which continue to flood Americans' mailboxes with billions of letters monthly offering easy sign-ups for new plastic.
Even after the recent spike in bad loans, the credit card business is still quite lucrative, thanks to interest rates that can run as high as 36 percent, plus late fees and other penalties.
But what is coming into sharper focus from the detailed monthly SEC filings from the trusts is a snapshot of the worrisome state of Americans' ability to juggle growing and expensive credit card debt.
The trend carried into November. As of Friday, all of the trusts that filed reports for the month show increases in both delinquencies and defaults over November 2006, and many show sequential increases from October.
Discover accounts 30 days or more delinquent jumped 25,716 from November 2006 and had increased 6,000 between October and November this year.
Many economists expect delinquencies and defaults to rise further after the holiday shopping season.
Mark Zandi, chief economist and co-founder of Moody's Economy.com Inc., cited mounting mortgage problems that began after this summer's subprime financial shock as one of the culprits, as well as a weakening job market in the Midwest, South and parts of the West, where real-estate markets have been particularly hard hit.
"Credit card quality will continue to erode throughout next year," Zandi said.
Economists also cite America's long-standing attitude that debt - even high-interest credit card debt - is not a big deal.
"The desires of consumers to want, want, want, spend, spend, spend - it's the fabric of our nation," said Howard Dvorkin, founder of Consolidated Credit Counseling Services in Fort Lauderdale, Fla., which has advised more than 5 million people in debt. "But you always have to pay the piper, and that can be a very painful process."
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grubesteak (anonymous) says…
Two years ago we (my wife and I) paid off all our credit cards, and then got rid of all of them. Making the choice to live without credit cards was one of the best choices we have made for our family.
Hard to believe, but you don't NEED a credit card to function in our society.
LogicMan (anonymous) says…
"Hard to believe, but you don't NEED a credit card to function in our society."
No, but if you use them carefully they help you live better in modern society. They make you more efficient, and help you build a good credit record. And if you chose your cards wisely, and pay them off on time each month, you can even get some card companies to pay you ("rewards") for using their cards. Been getting such payments since 1986!
redmoonrising (anonymous) says…
I use a couple of credit cards, one for my business and one for personal spending. The key is to pay them off each month. It's a habit I've always had, in fact I have one paid off in full automatically at my bank. By charging all my gas, groceries and other expenditures, I am not writing checks or running to the bank for cash. Moderation, in spending, as in drinking, is the key. If I don't need it, I rarely buy it. But to each their own, spend on but wisely. Too many of us have a need to purchase everything we see then bemoan the fact that we don't have any money. Duh!
just_another_bozo_on_this_bus (anonymous) says…
The US (and global) economy is pretty much of a shell game, RT, and while Bush and the Republicans deserve primary responsibility for creating and maintaining it, the Democrats have been very willing junior partners in that endeavor.
just_another_bozo_on_this_bus (anonymous) says…
"And if you chose your cards wisely, and pay them off on time each month, you can even get some card companies to pay you ("rewards") for using their cards. Been getting such payments since 1986!"
These rewards are not a "free lunch." They are financed by the fees that the credit card companies charge vendors for using their cards. In turn, these vendors pass these charges along to consumers-- all of them, even those who pay cash. They are also financed by credit card users who, enticed by the "rewards," charge beyond their ability to repay in a timely way, and get hit with exorbitant interest rates.
Mkh (anonymous) says…
Is anyone really that surprised? We live in a nation where it's seemingly patriotic to rack up debt, it's the American way to live far beyond our capital means.
Our entire system is set up to encourage spending and discourage saving. We are a dead broke nation who refuses to accept reality, and instead turns to borrowing hundreds of billions of dollars from other countries just to maintain the appearence of wealth, which of course only increases the rate at which we destroy our currency and fall into poverty.
We don't even have a concept of what true monetary value is anymore due to the fact that we just let our Federal Reserve print Trillions out of thin air and attach a numerical designation to worthless paper with a computor.
It's unbelievable to me what we have become.
davidnta (anonymous) says…
right_thinker, you're just begging for someone to mention that it's Bush's fault. You can't post a comment without putting blame on the left.
So as for me, I try not to use credit cards, but I don't use cash as well. I keep it all in a checking account and use my Visa debit card to make all my purchases. Fortunately, almost all places accepts Visa/Mastercard. It's also easy to keep track of it with Quicken or MS Money.
But it's sad that college-aged adults are not taught proper finances in high school or even middle school and the dangers of debt. People would be able to make more sound decisions about credit if it was formally taught to them.
livingstone (anonymous) says…
"And if you chose your cards wisely, and pay them off on time each month, you can even get some card companies to pay you ("rewards") for using their cards. Been getting such payments since 1986!"
It's the spending habit (i.e. us as human) and not the credit card that is at fault. If you cannot take enough responsibilities to spend wisely, then don't use a credit card. If you can do it, like myself, using it is a wise choice.
These rewards are not a "free lunch."
True, but businesses have already included that 2% in your bill, whether you use a credit or not. That's the reason why in some businesses, they charge you lesser for not using a credit card.
janeyb (anonymous) says…
Here is the GWB post. After 9/11 GWB told the nation to go out and spend. Help the nation's economy by spending money. He even gave us our tax refunds early so we could spend. People apparently listened to him.
Some of the major banks stopped requiring social security numbers to get credit cards. I wonder how many of those cards are behind 90 days?
Haiku_Cuckoo (anonymous) says…
"I encourage you all to go shopping more." - George W. Bush
===========
Those words put me in debt up to my neck. When Bush said to shop more, I immediately went out and bought a $400k home, a brand new Mercedes, a 60" plasma TV and a Harley. All of this with an annual income of $45k. It's not my fault that I bought things that I couldn't afford, George Bush made me do it! Don't you dare tell me that I lack common sense....that has nothing to do with it. It's Bush's fault and you know it!
kujayhawk (anonymous) says…
"These rewards are not a "free lunch." They are financed by the fees that the credit card companies charge vendors for using their cards. In turn, these vendors pass these charges along to consumers- all of them, even those who pay cash. They are also financed by credit card users who, enticed by the "rewards," charge beyond their ability to repay in a timely way, and get hit with exorbitant interest rates."
True, but since the vendors are going to pass this "fee" along to the customer anyway, I might as well get a rebate check.
Mkh (anonymous) says…
"If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson
jonas (anonymous) says…
"It's unbelievable to me what we have become."
That's because you have an unbelievably exaggeratedly cartoonish view of the world, modern politics, and the modern economy. Most of which, apparently, is inaccurate.
beatrice (anonymous) says…
Personal dept is encouraged in this country because it allows the rich to control the masses. People without dept will question authority, but once money is owed then a level of responsibity to pay off the dept stops people from protesting or questioning authority. People don't want to lose what they have, so they don't cause a fuss and accept what is handed to them. As always, it is all about the rich retaining their wealth. This is why we would need to have a major depression before we see anything like the French Revolution happen on our shores, and it is why the rich will continue to get richer.
I actually believe that money management classes should be taught in high school. Credit, if used wisely, can be a very beneficial tool for society. Unfortunately, too many adults don't know how to use credit without it eventually strangeling them, and too many young adults have parents that don't teach them the basics of money management largely because the parents themselves don't know.
Everyone should know their personal credit score, and how to improve it if need be. Do you?
Mkh (anonymous) says…
Well then please enlighten me Jonas has to how the world works. I'm dying to find out....
ronwell_dobbs (anonymous) says…
Mkh,
I am not educated in such a fashion as to tell you how the world works. I am, however, educated enough to tell you how the Federal Reserve controls the money supply, and I can tell you they don't print up more money when its time to increase the money supply.
The news folks love to run the video clip of the dollar bills rolling off the assembly line in the U.S. mints, but that's not what really happens. The Fed will tighten or loosen the money supply by holding auctions for Treasury bills or Treasury notes (with different lengths of expiry) or purchase them from banks, thus pulling in cash or putting it back into the marketplace. Use facts like these to tighten up your argument (whatever it is).
Ronwell
Centerville (anonymous) says…
Every time I turn on a TV, open a magazine, drive down an interstate, get on the internet, I'm begged to go shopping more. Odd, I'm still not in debt.
Mkh (anonymous) says…
Ronwell,
I think we agree with each other...only stated it differently. The Federal Reserve does print our money out of "thin air" in the regard that it is not backed by any real assests (gold/silver), it's a fiat currency as I'm sure you are aware.
I do agree with you that the Fed interjects money into the economy by selling treasuries/bonds to large banks at interest rates and repos. But that is to my point, it's arbitrary the amount of money that goes out. For example they pumped over $62 Billion into the banking system last August. Which allows for the Fed to manipulate inflation and currency valuations.
"If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning."
-- Andrew Jackson
budwhysir (anonymous) says…
Credit cards are the evil by product of the buy now pay later world we live in. If you notice, credit card companies and mortgage companies are offering amounts that they are sure people cannot repay. Without regulations on interest rates, profits will skyrocket even with writeoffs.
If we are all crazy enough to let the big comapnies own us in the future we have no one to blame but ourselves. Buy now pay later is how the big keep getting bigger and everyone else goes in debt
Godot (anonymous) says…
"Sixteen tons, and what do you get?
Another day older and a-deeper in debt.
St. Peter, don't you call me 'cause I cain't go,
I owe my soul to the company sto'."
--Tennessee Earnie Ford
Godot (anonymous) says…
"Neither a borrower nor a lender be; / For loan oft loseth both itself and friend. / And borrowing dulls the edge of husbandry."--Shakespeare
jonas (anonymous) says…
Max1: And Faulkner, don't forget Faulkner.
Mkh: To start, I'd like you to show where they've printed off trillions and trillions of bills, because the super-inflation that would have caused would by now have made the price of bread probably about 2000 dollars.
A numerical piece of paper that in normal circumstances would have no value (I assume you think this because its not backed by gold or silver) is overly simplistic. Currency is a medium of exchange in our economy, not a simple marker of value. The only other option would be direct exchange, which for an economy our size would be ridiculous, the same as trying to figure out how many chicken eggs you would have to trade to get a gallon of gas. The backing of the currency is in our total economic production, not, as used to be, in a particular single scarce good or metal. There simply isn't enough of any one type of thing to back all of our currency needs. Our economy is simply too large for that.
Our country has much more than the appearance of wealth. We produce more usable goods per year, total, than any other nation on earth. More per capita than most as well. Our trillions of debt, which is certainly a problem, and a drastic one, is still only a percentage of what we crank out in value added goods and services in a single year. It's a significant percentage, taken at face value, but hardly a sign, as you seem to think, that our economy is going to shrivel up and die at any time in the near future.
The government has not specifically borrowed hundreds of billions, or whatever number you threw out, from other countries. That's not the way national debt works. The debt was originally sold on the bonds market, and lots of it has been bought up at some point by foreign investors, private and public. Lots of people have their hands in the pie.
mommaeffortx2 (anonymous) says…
this is not a new problem people, this problem has been around for a long time.
The rule of thumb is if you don't have the cash don't use the card.
Godot (anonymous) says…
One could make the observation that the level of personal debt has risen proportionally with the secularization of our society.
Christianity, Buddhism, Hinduism, Judaism and Islam all proscribe usury.
jonas (anonymous) says…
"I do agree with you that the Fed interjects money into the economy by selling treasuries/bonds to large banks at interest rates and repos. But that is to my point, it's arbitrary the amount of money that goes out."
It also takes money back in. The point is to control inflation, which is caused by too much currency in the open market. It's not arbitrary either. It is based on calculations on what the value of currency will be, based on how much of it there is in the open market.
Seriously, when are you going to take that economics course? It would help your arguments, some of which I agree with, because you'd actually know what you were talking about, to a much larger extent than you do currently.
mommaeffortx2 (anonymous) says…
People it be chrstmas eve or for some already christmas depending on where you are at stop bickering and enjoy life a little the problems of the world will still be around later.
jonas (anonymous) says…
Gomen, gomen. Sorry momma, I'm leaving right now to have fun with my family and open presents. I'll be good until after Christmas, I swear.
Mkh (anonymous) says…
Jonas,
I'll keep this quick, simple, and relatively painless for you...
.
First of all, there would be no need to go back to some sort of system of trade instead of fait currency as you preclaim. Some experts in economics argue that our current system will lead us back there anyways when it soon fails, but it's not necessarily needed (read Paul Craig Roberts).
You can still have paper money for the convenience factor, but it is better in the long run to have it backed by gold (the reasons for which should be obvious by now).
I believe there is something over $800 billion federal reserve notes in circulation right now and the reported gold holding of the treasury is something like $40 Billion, but we don't really know what's in there. I could have that figure off a bit, it's been a while since I checked and frankly it's not worth my time to dig it up and cite, so figure it out yourself if you'd like.
You have completely confused individual wealth of American citizens and the "wealth of the nation", or government. Our government produces virtually nothing in terms of capitol, it spends and accumulates debt because that is how the system is currently set up.
Other countries buy up our debt in the hundreds of billions, even trillions. This is a form of borrowing...if you don't get that, I really don't know how to help you.
The problem is that with the devaluation of the dollar many countries are no longer wanting to hold those dollars because it's a bad investment (loosing 10% a year). This presents the opprotunity for serious havoc to occur in the US economy. If our debt is no longer attractive to buy up...we are going to be in immediate crisis.
Your argument about the Fed controlling the rise of inflation made me laugh very very hard. Are you really one of those folks who argues that "inflation is low" and the "devaluation of the dollar is good" for the economy? Please tell me it's not so.
mommaeffortx2 (anonymous) says…
Have a great one jonas.
Godot (anonymous) says…
right_thinker, we are already bailing out the banks and the credit card dead beats with the injection of money into the banking system and the increase in the amount of taxpayer guaranteed home loans up to $749,000 on homes that are already over valued.
IMHO, the reason the credit card default was lower in the past is two-fold: first, in the past it was easier to declare bankruptcy; second, people used the equity in their homes like an ATM - when their credit cards were maxed out, they refinanced or took out a HELOC based on the illusory equity in their homes to pay off the credit cards. Unfortunately, once they did that, they still had the credit cards, and charged them up, again.
Now the home equity ATM has run out of cash because homes are no longer rising in value.
What will happen when the credit card (and automobile loans) come crashing down is anyone's guess.
cooonrod (anonymous) says…
Bush is pitiful leader .
BUT the BLAME is on All.
Mainly ourselves.
This credit card and loan situation has been coming to head for Decades. Credit Cards the NEW junk bonds.
Big money Democrat and Republican
>>> Mainly banking lobbyists know in our society everyone feels like they can have it all right now. Indulge we deserve it... well now it is time to pay the pauper.
stay away from c cards!!!
ps: To All My Democrat Friends:
Please accept with no obligation, implied or implicit, my best wishes for an environmentally conscious, socially responsible, low-stress, non-addictive, gender-neutral celebration of the winter solstice holiday, practiced within the most enjoyable traditions of the religious persuasion of your choice, or secular practices of your choice, with respect for the religious/secular persuasion and/or traditions of others, or their choice not to practice religious or secular traditions at all. I also wish you a fiscally successful, personally fulfilling and medically uncomplicated recognition of the onset of the generally accepted calendar year 2008, but not without due respect for the calendars of choice of other cultures whose contributions to society have helped make America great. Not to imply that America is necessarily greater than any other country nor the only America in the Western Hemisphere. Also, this wish is made without regard to the race,&n! bsp; creed, color, age, physical ability, religious faith or sexual preference of the wishee.
To My Republican Friends:
Merry Christmas and a Happy New Year!
budwhysir (anonymous) says…
Im not sure how these numbers could be so large. You cannot tell me that somehow the companies are making a profit somewhere. Todays logic is way off base.
Now we have gone from a buy now pay later society to a buy now let the next generation pay for it way of thinking. I can be sure that the credit card companies are making a profit somewhere. Possibly they are making money from the people who use credit wisely and pay back what they borrow.
Credit is to be used for things of need. Not things of want. If we all get what we want and pay for it later. Everyone will be broke
jonas (anonymous) says…
"You can still have paper money for the convenience factor, but it is better in the long run to have it backed by gold (the reasons for which should be obvious by now)."
There's no reason for it to be backed by gold. In either case, you have it backed by something, whether its the more tangible (but still conceptual and not necessarily real) value of a precious metal, or the value of the goods and services produced by an economy. I have not, in any way, confused government wealth and private wealth. I did not refer to the government in any way at all in that particular portion of my post, I don't believe. The only way they are tied together is through the federal systems set up, ostensibly, to keep things running smoothly, and in the currency medium used in exchange. Our economy, however, produces real assets, to the tune of a nominal 15 trillion a year or so. That is the base on which our currency system is set up and guaranteed. Basically, it says that we have confidence in our country's ability to continue to produce things that people find valuable. That is no different that backing it using gold, as gold is only valuable as long as people continue to want it. Gold, obviously, has no intrinsic value of its own. The only difference is that the supplies of gold are finite, and thus you either need to restrict the capacity of economic exchange, crippling it, in order to make sure all currency is backed by an amount of gold, or you'd need to revalue gold, which would be a false manipulation.
"You have completely confused individual wealth of American citizens and the "wealth of the nation", or government. Our government produces virtually nothing in terms of capitol, it spends and accumulates debt because that is how the system is currently set up."
"Other countries buy up our debt in the hundreds of billions, even trillions. This is a form of borrowing:if you don't get that, I really don't know how to help you."
That's how the bond market works. On its own this is simply not a problem. As you pointed out in your next paragraph, it only becomes an issue for a couple reasons. The first is when the economy or the strength of the dollar declines, which is a short term issue, and invariably goes back the other way after awhile. The other is if the holders are governmental entities, and use debt holdings to try and influence policy. But you should know that I don't advocate a large debt. I don't know if you were under that impression, I simply don't view it as the deathly problem that you seem to. Serious, and worthy of consideration, but not something about to destroy us all.
jonas (anonymous) says…
"This presents the opprotunity for serious havoc to occur in the US economy. If our debt is no longer attractive to buy up:we are going to be in immediate crisis."
The people holding the debt will be in a crisis. The amount of repayment stays the same. There will always be people willing to buy our national debt, at least currently. Its a guaranteed payback, plus interest, unless our entire country goes belly-up in the next 20 years, and the only people saying that are trying to get you to either vote for them or buy their books. The problem is that the current holders of the debt will have to sell at a loss should they desire to divest themselves of it. This will hardly cause "chaos." Well, in any more than an economy isn't already chaos to begin with.
"Your argument about the Fed controlling the rise of inflation made me laugh very very hard. Are you really one of those folks who argues that "inflation is low" and the "devaluation of the dollar is good" for the economy? Please tell me it's not so."
Like mostly everything else in economics, there are both benefits and drawbacks to this scenario. You said the system was arbitrary, and I pointed out that it wasn't. I didn't attach a value statement to it at all.
jonas (anonymous) says…
Roberts is an interesting read so far, though. Thanks for the tipoff.
Godot (anonymous) says…
coonrod, thank you for the laugh!
Merry Christmas to all, and to all, a good night.
notbushwacked (anonymous) says…
The acknowledgment by the media that credit card delinquencies are skyrocketing is way past due. It has actually been happening for quite some time now. The mortgage crisis is not the culprit but just part of the problem. The actual problem is the failed bush administration policies. This administration has been a total disaster.
Many Americans still have the same credit cards as they had in the 90's when the economy was good and paid them off when they were used. In the past 7 years, they have become more reliant on those credit cards for use in last choice desperation to make their rent, house payment, buy groceries, pay medical bills etc..The wingers that will try to say that it's because Americans are buying things that they don't need but what would you do if you had no other choice if you had no food, couldn't pay the rent or house payment, had a child that had to go to the doctor but you couldn't come up with the money for the astronomical bill or simply couldn't afford the gas to get to work and back (if you're lucky enough to still have a job)? The entire credit problem is the direct result of an economy that is swirling down the toilet. The Bush administration has dramatically cut financial support for states, local municipalities and for American infrastructure in which cities and states have increased fees and taxes for services that are still rapidly deteriorating. Let's list some of the other contributors to this economic crisis..skyrocketing energy costs, gas costs, Health insurance costs, prescription drug costs, rent, the incentives for corporations to outsource American jobs, NAFTA (yes I know Clinton unfortunately signed it but George H.W. Bush was the original author) and illegal immigrant "slave" labor lowering wages of what used to be decent paying jobs. Those are just some of the causes of our collapsing economy. Open your eyes and look at the big picture.
Godot (anonymous) says…
Sorry, notbushwhacked, but your example of using credit cards to buy food and pay medical bills while doing without the extras is the exception, not the rule.
As to those who say Bush told them to go out and spend, and so they did, and now they are in debt - if you chose that one time to believe Bush and follow his lead, you have only yourselves to blame.
Godot (anonymous) says…
When history writes the story of the Great Northern Atlantic Depression, the blame will ultimately fall on the hedge funds.
That would be, of course, George (Soros, not Bush).
compmd (anonymous) says…
Wow its almost like rt knows who I am:
iPod (2GB nano, 1GB shuffle, 20GB other mp3 player for the car)
cell phone
BMW (I'm down to a Mercedes and a Volvo now)
coffee houses (I can sometimes be found at Java Break)
DSL (I subscribe to the local ISP not owned by the World Company)
laptop/PC/Blackberry (You don't want to know how many computers are in my residence)
The Gap (shopped there for years prior to the stop in sales of men's clothes)
Eat out five times/week (usually at least that)
concert tickets (once a year or so)
game tickets (a few times a year)
spa/massage (every month)
XM subscription (I'm a Sirius user)
So shouldn't I be in debt? I sure as heck don't make anywhere near a quarter million dollars per year. None of this is on a credit card. Being smart with your money can make your income go a long way. And I save, started a retirement portfolio when I was 18. I wish more people would.
notbushwacked (anonymous) says…
Sorry Godot, but you live in a "Bush" world of fantasy. Those that abuse credit cards are the exception, not the rule. I too have been saving in a retirement account since I was 18, but for those that lived through a good economy in the 90's, they now find themselves struggling to survive through this devastating bush economy and are only one crisis away from having to rely on the credit that they have to make it through. While the crime rate is skyrocketing and tent cities are being built, you haven't seen anything yet. It's going to get much worse. George W. Bush will go down as the worst president in history. The damage that this administration has caused will take generations to correct, if it can be at all.
Godot (anonymous) says…
Once again we have someone who blames GW Bush for being an incompetent president while at the same time attributing him with the wherewithall to command a conspiracy of such complexity it would take a genius could orchestrate.
Choose one; you do not get both.
Godot (anonymous) says…
Soros is the real genius behind the impending fall of the US economy.
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