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US Credit Card Late Payments Edge Higher in September
October 18, 2011

But as with most other forms of spending, excessive use of credit cards must be prevented to ensure consumers do not land themselves in financial trouble. (AFP Photo/Tim Sloan) But as with most other forms of spending, excessive use of credit cards must be prevented to ensure consumers do not land themselves in financial trouble. (AFP Photo/Tim Sloan)
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New York. In what may be an early sign that American credit card users are again having trouble paying their bills, five of the nation's top six credit card issuers say late payments rose in September.

That's the first month since February 2009 that so many major companies reported a rise in payments late by 30 days or more.

The increases were all smaller than a percentage point. But late payments, or delinquencies, are considered an indicator of potential defaults, which socked banks with $75 billion in losses in 2009-2010 alone.

Analysts generally expect improvements in delinquencies and defaults to level off as the year draws to a close. But with unemployment remaining above 9 percent and some economists predicting another recession, it is worrisome that more people appear to be falling behind.


AP