Party's over, folks.
WASHINGTON, Sept. 28 - Credit card loan delinquencies reached a record high of 4.81 percent of accounts in the second quarter of this year, according to the American Bankers Association's Consumer Credit Delinquency Bulletin.
In calculating these results, ABA incorporated revised information on the first quarter delinquency rates. As a result, the credit card loan delinquency ratio for the first quarter was revised upward to 4.76 percent of accounts from the previously reported 4.03 percent.
"The last two quarters have not been pretty," said James Chessen, ABA's chief economist. "Gas prices are taking huge chunks out of wallets, leaving some individuals with little left to meet their financial obligations," he said. "With gas prices still rising, the third quarter is not likely to be any better."