| Good News for the Economy? Credit Card Delinquency Rates Fall |
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Written by nick, November 28th, 2011
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One shock that has just been announced is the 16-year low in credit card delinquency rates. While Occupy Wall Street protestors (a number of them) are calling for the abolition of consumer debt, it seems that people have been busy getting rid of their credit cards since at least 2009.
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While this may reflect more consumers simply giving up and banks writing off the accounts, others have been paying off their credit cards. The Federal Reserve recently put out data showing current credit card delinquency rates are at 3.47%, almost equalling the 3.46% low of 1995.
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For people looking for good news about the economy, numbers like these have to be somewhat promising. With Black Friday shopping numbers 6.6% higher in 2011 than 2010, and constant money printing coming from the Federal Reserve, the economy may be back on track to meet its next manipulated bubble.
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