BANK CARD DEBT, CHARGE-OFFS DOWN
June 27, 2002
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According the most recent issue of The Nilson Report, outstanding debt on consumer and commercial credit cards issued by members of MasterCard and Visa in the United States at year-end 2001 totaled $523.21 billion, up 9.1 percent from the prior year.
At the end of the first quarter 2002, bank credit card outstandings of $511.77 billion were down 2.2 percent from year-end 2001. Delinquencies also declined, to $27.00 billion, or 5.28 percent outstandings.
