Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUNA analyzes consumer debt for ICNNI
NEW YORK (11/30/11)--Declines in credit card debt and in the number of open credit accounts could mean banks are closing delinquent accounts, Bill Hampel, chief economist at the Credit Union National Association, told CNNMoney Tuesday in his analysis of consumer debt.

The article discussed how third-quarter consumer borrowing declined slightly because consumers continue to whittle away at their debt burden as they confront a troubled economy.

Third-quarter credit card debt dropped to $693 billion--a marginal change from second quarter--while the number of open credit card accounts declined 23%, falling by 6 million from its peak in 2008, CNN said.

Those figures indicate that banks may be shutting down delinquent accounts, Hampel told CNN.

"I suspect that accounts are mostly the behavior of lenders as opposed to the borrowers, because they could not collect anymore," Hampel added.

The article noted that the number of credit inquiries increased, indicating a "strong demand for credit."

To read the article, use the link.
Other Resources

RSS print
News Now LiveWire
.@CUNA VP of Econ MIke Schenk featured in Money magazine http://t.co/SC6Shv0lDH
13 hours ago
#NewsNow: @CFPB develops tools for student loan debt relief. http://t.co/a6pOReC86F
14 hours ago
Stephanie Smith has been named as the new executive director of America's #CreditUnion Museum. (2 of 2)
15 hours ago
America's #CreditUnion Museum executive director Peggy Powell is stepping down after 15 years. (1 of 2)
15 hours ago
#NewsNow League presidents raise voices for data breach protection http://t.co/zX1UsvsQP6
16 hours ago