Citibank is reporting a drop in consumer credit card charge-offs for November. In October, the Citibank reported charge-offs at the rate of 10.27 percent , but charge-offs for November fell to 9.4 percent. Charge-offs provide a method for credit card issuers to remove uncollectible accounts from their books, and the process typically occurs after a credit card account becomes 180 days delinquent. Citibank, a major issuer of consumer credit cards is also reporting that its delinquency rate for credit card accounts also fell during November. This news could signal a trend toward a consumer “wake up call” and continued efforts toward liquidating credit card debt. Debt consolidation can be a first step toward reducing the cost of existing credit card debt. Is debt consolidation good for resolving debt? The ans
Posts Tagged 'November'
Mortgage lending falls 10% in November
According to figures from the Council of Mortgage Lenders (CML), gross mortgage lending in November totalled 12bn – 10% lower than the 13.3bn seen in October and 14% lower than the 13.9bn recorded in November 2008. The CML states that `a modest seasonal decline between October and November is typical`, but a drop of 10% is a little bigger than normal. Economist at the CML, Paul Samter, said: “There is little reason to expect much underlying change in the coming months. There could be a modest decline in underlying house-buying activity in early 2010 due to the stamp duty holiday ending, with activity `bunching` over the last few months of 2009. But seasonal factors are likely to be the dominant driver over the next few months.” A spokesperson for Debt Advisers Direct added: “Although the amount of mortgage debt taken on in November was slightly lower than October`s figure, this seems to be more or less in line with seasonal trends. Full article…
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