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Credit Cards -
Credit card delinquencies up - 22/05/2008
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Delinquencies on prime and non-conforming UK mortgages and on credit cards have increased, Standard & Poor's said in reports on bonds backed by these assets.
For non-conforming mortgages, those to borrowers with poorer credit histories, delinquencies rose to 21.73% in the first quarter, from 19.41% in the fourth quarter of 2007, S&P said on Thursday.
Delinquencies of more than 90 days moved into double digits, at 10.6%.
S&P analyst Kate Livesey said, “A reduction in refinancing opportunities for borrowers, the large proportion of loans (approximately 25%) due to revert from fixed or discount rates in the first half of 2008 into an environment of reduced credit availability, and the slowing economy are likely to keep delinquency figures high for the foreseeable future.”
The company further announced that losses remain low, but are rising, and are appearing earlier in the life of some transactions.
The ratings agency pointed out that total delinquency for the mainstream prime mortgages rose to 2.41% in the first quarter from 2.11%, the ratings agency said.
In the credit card market, charge-offs- the point at which the lender regards the debt as bad, rose to 6.51% in March from 6.17% in December, while delinquencies rose to 5.88% from 5.6%." title="mortgage">mortgage products entering the market.
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