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I blame MyFICO forums for this disaster

Super Contributor

I blame MyFICO forums for this disaster

 

On a brighter note, late payments on credit card bills dropped in the first quarter to 4.41 percent. That was down from 4.56 percent in the fourth quarter and was the best showing in nearly a year.

"The improvement in credit card late payments is somewhat remarkable, given that the economy was not operating on all cylinders," Chessen said.

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
4 REPLIES
Moderator Emeritus

Re: I blame MyFICO forums for this disaster

Obviously this has to do with global warming.
Senior Contributor

Re: I blame MyFICO forums for this disaster



"The improvement in credit card late payments is somewhat remarkable, given that the economy was not operating on all cylinders," Chessen said.


Still a lot of not so good news.
 
Late payments on home equity loans climbed to a 1 1/2-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt.
...
"There are still signs of consumer financial distress, which will continue throughout most of this year as the worst of the housing problem works its way through the economy," said James Chessen, the association's chief economist.
...
The survey also showed that the delinquency rate on a composite of other types of consumer loans, including those for autos and boats, home improvement and for certain home equity loans, increased to 2.42 percent in the first quarter.
 
Putting on my pinhead hat, I'd say there's actually a lot of really bad news here. People are paying their CCs ontime, which could mean they are simply staving off defaulting on them while defaulting on homes and cars.
 
Sadly this ain't the MyFico Effect.
 
Super Contributor

Re: I blame MyFICO forums for this disaster

I was trying to get some good new out of the bad, especially as I might have to sell a house in the near future Smiley Sad
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus

Re: I blame MyFICO forums for this disaster

My wife is a teacher and the summer months are always the hardest $ wise.
 
As my Electric bills get close to $400 a month and the cash flow is lower.
it reminds me to go on that darn "even payment" plan. errr.
 
I use 3 month cash flow projections in MS Money - I can see any problems coming.