Consumer credit card delinquency rates set new record lows in the third quarter ended Sept. 30 while consumer mortgage defaults rose to near-record highs, according to the Federal Reserve's Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.
Credit card charge-offs decreased to a seasonally-adjusted average of 3.92 percent, the lowest mark since 2007. The charge-off rate fell fairly sharply from 4.18 percent in the second quarter of 2012, according to the Fed data.
Consumer credit card delinquencies among all member banks averaged 2.83 percent in the third quarter, down from 2.90 percent in the second quarter, and the lowest level for consumer credit card delinquencies dating to 1991 when the Fed began tracking that data.
Late payments on consumer mortgages remained high. The average delinquency rate for consumer real estate loans increased to 10.77 percent in the third quarter from 10.54 percent in the previous period. The rate includes home equity lines of credit. Residential real estate loan delinquencies have increased in four consecutive quarters.