"The credit landscape continues its consistent recovery heading into the second quarter, with the exception of home finance, according to U.S. consumer data from Equifax's March National Consumer Credit Trends Report.
At the end of the first quarter, U.S. consumer debt was at $10.9 trillion, down from its peak of $12.4 trillion in October 2008.
Credit write-offs are lower by 50 percent from March 2009, when banks wrote off a total of $39.7 billion - excluding home finance write-offs. In March the number stood at $20 billion, reflecting stronger consumer finances. During the recession, the average size of delinquencies rapidly increased as dollar rates were outpacing total number of delinquent accounts, a trend that has since reversed in auto, bankcard, consumer finance and retail card categories.
More than 72 percent of total delinquencies are still tied to loans originated between 2005 and 2007, which comprise 36 percent of balances outstanding, while loans opened in 2009 and later have performed much better. Only 12.6 percent of delinquent accounts are from credit lines or loans opened in or after 2009. " [Read more]
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