http://fredblog.stlouisfed.org/2014/04/loan-delinquency/
It should surprise no one that delinquency rates on credit cards and
home mortgages rose during the past recession. The delinquency rate for
credit cards has always been higher than the rate for mortgages…until
now. In fact, the credit card delinquency rate is at its lowest recorded
point since it has been tracked. Why is this special? Credit card debt
isn’t backed by any asset, as mortgage debt is. So, credit card
delinquency is expected to be higher, which is why interest rates for
credit card debt are higher than rates for mortgage debt.
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