UK credit card delinquencies have hit a two-year low,
according to decision management technology vendor FICO.
The FICO
quarterly cards data report, for the three months to end March,
reported that less than 5% percent of the balances on
classic (non-premium) credit cards were 30 days delinquent in
March, a two-year low.
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In addition, the percentage of accounts that
are over limit has also declined over the last six months, hitting
a two-year low of 2.6% in March.
Mike Gordon, FICO’s VP and MD for EMEA,
said:
“What’s remarkable is the non-seasonal,
longer-term pattern of decline in delinquent accounts.
“By making timely payments, cardholders are
avoiding late-payment fees and protecting their option to seek new
credit if needed – both sound moves given the economic stress of
recent years.”
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By GlobalDataFICO’s report is based on sample data from 26m
accounts, around one-half of the total sector credit card market in
the UK.
