"Late payments on credit card bills hit a five-year high in March while write-offs by banks for uncollectable debt reached an 11-year high, according to a published report Monday. Credit card debt more than 30 days past due hit 5.54 percent in March, up from 4.93 percent a year earlier and the highest level since June 1997, USA Today reported, citing data from research firm CardWeb.com." http://money.cnn.com/2002/04/29/news/economy/cards_debt/index.htm
What are the credit card companies complaining about? That 5.54% of their customers are 30 days late? I'm sorry, but in my little business world that is pretty good. The 11% concerning writeoffs is pretty high, but that is part of business. Jeez last month alone I had 13% extend the 30 day mark and 6% extend the 60 day mark. That is what happens when you have customers on account. I don't feel so bad for them they make it up with their outrageous interest rates, overlimit fees, late fees, credit protection fees, balance transfer fees, etc. Dani
Dani, I couldn't have said it better myself. CC companies should be thrilled when customers are 30 + days late or over they're limits - this is where they make they're real money. Lets not also forget the fact that it gives them an excuse to hike up the interest rates as well. I feel for those poor CC companies.........NOT -Sal
I can't remember what cc company posted an amount on their annual report just for late and overlimit fees. That figure was huge! and the cc companies look at it as additional source of revenue. Best regards, Mirage
