U.S. credit card delinquencies rose in
the third quarter to a record as companies were slow to add jobs,
making it difficult for some Americans to keep up with payments,
the American Bankers Association said in Washington.
The number of consumers behind on credit card payments
increased to 4.09 percent from July through September, compared
with 4.04 percent in the previous quarter, according to the
group. The previous record was 4.07 percent in the first quarter.
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“The job market has been flying against strong headwinds,
lengthening the time between jobs and intensifying financial
stress,” said James Chessen, the group’s chief economist.
The unemployment rate reached a nine-year high of 6.4
percent in June, while just 77,000 jobs were added in the third
quarter, Labor Department figures show. Some 1 million jobs have
been lost since the recession ended in November 2001.
The average duration of unemployment rose to 20.1 weeks in
November from 19.1 weeks the previous month.
Bloomberg News
