Credit delinquencies jump in late 2003

WASHINGTON, March 24 (UPI) -- Past-due credit card accounts rose to 4.43 percent in fourth-quarter 2003, the American Bankers Association reports.

Credit card delinquencies jumped to 4.43 percent of accounts in the fourth quarter from 4.09 percent in the third quarter.

"It was a rare combination where credit card delinquencies increased as all other consumer lending delinquencies declined," ABA chief economist James Chessen said Tuesday. "It took the gloss off of what would be outstanding news."

All other types of loans that were 30 days or more past due fell to 1.89 percent of all accounts, the lowest it has been since 1995. In the third quarter of 2003 the ratio was at 2.14 percent. The ABA's Delinquency Bulletin tracks eight kinds of consumer loans, including personal, auto and home equity.

Sluggish job creation kept credit card delinquencies at high levels, the ABA said.