2014-02-14 / Business

Did you know?

Although the recession that began in 2008 has had a devastating financial impact on people from all walks of life, there may have been some positive side effects to come from the downturn, which taught many people how to survive in the face of decreased cash flow and limited jobs. According to a report from the American Bankers Association, credit card customers are now more responsible than they have been in more than 10 years. The association found that delinquencies on credit cards issued by banks have dropped considerably -- to the lowest level since 2001. Delinquent bank account numbers are now hovering at 2.93 percent of all bank card accounts, which is much lower than the 15-year average of 3.91 percent. The Federal Reserve Bank of New York identified similar findings and also discovered that credit inquires also fell for the second quarter in a row in 2012. While this news about credit cards would seem positive, and perhaps indicative of an upswing in the economy, responsibility with regard to other forms of credit have not rebounded in the same way. People are still defaulting on personal loans, auto loans and even mortgages.

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