U.S. consumers did a better job of paying off their debts in June according to a joint-report Tuesday by Standard & Poor's and Experian, a credit information firm.
The S&P/Experian Credit Default Indices, which measures consumer default rates for first and second mortgages, bank cards, and auto loans, said default rates in all four categories decreased in June.
Bank cards saw the largest decline, falling from 5.93% to 5.69%, which is a positive sign -- especially when coupled with a recent Federal Reserve consumer credit report.
"The Federal Reserve reported that revolving credit -- which includes bank cards -- rose in May for the first time since 2008. Combined with the improving default experience we are seeing this is a positive sign for an economy suffering from a lack of consumer spending," David Blitzer, the chairman of the S&P/Experian Credit Default Indices said in a statement.
Read the rest of the article at iMarket News
No comments:
Post a Comment