Thursday, September 28, 2006

Late Credit Card Payments On Rise

The percentage of credit card payments 30 or more days past due increased to 4.41 %in the April-to-June quarter, up slightly from 4.40 % during the January-March period.

The cooling of the once-hot housing market, meanwhile, has important implications on consumers and the overall economy.

Consumers who watched their homes rise rapidly in value over the last several years were inclined to spend and borrow against their homes — treating them like ATMs — to support their spending ways. But home prices have since lost altitude.

The housing market will continue to cool, causing the province's economy to weaken into next year, but economists don't see a recession in our future.

There has been a recent increase in the number of people behind on their mortgage payments.

It blames the rise on lenders lowering their credit standards over the past decade.

But it says total arrears remain low by both historical and international standards.


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