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Increasing delay in payments by credit cards
Overdue payments on credit cards have increased in the spring of this year, when because of high energy prices have affected the financial situation of many families that hampered the timely payment of bills.
The American Banking Association published a quarterly survey of consumer loans. It turned out that the number of delays in payment of credit card accounts 30 or more days increased by 4.41% from April to June, the same figure in the previous quarter grew by 4.40% (from January to May).
«High gas prices and rising interest rates by the Federal Reserve Board visibly devastated pockets of consumers. As a consequence, consumers have lost the ability to pay all their expenses, including payments on loans », - explained James Chessen (James Chessen), Senior Economist Association, the reasons for the increase delays in payments in the second quarter.
Since then, prices for gasoline and other energy sources declined as Fed halted a campaign to raise interest rates. The Central Bank last week's decision of the second assembly election decided in favor of the stability of rates, and this step will give borrowers an opportunity to relax for a while.
Quarterly survey is based on information from more than 300 banks nationwide.
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