U.S. consumers are paying back debt as economy recovers

U.S. consumers are paying back debt as economy recovers

- The U.S. consumers have been more diligent than ever in paying back debts as the economy recovers from the pandemic.

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Delinquencies of the front line of the U.S. Consumer credit declined to 1.21% in the second quarter, according to a report Thursday by American Bankers Association. That s the lowest level since the organization began collecting data in 1993.

Delinquencies in nine of the 11 categories tracked by the ABA declined. The delinquency rate for bank-issued credit cards fell from 2.05% to a record 0.388% in the first quarter of the report shows. The percentage of consumers who can't pay back home equity loans declined to 3.42%, while the rate for bank-issued auto loans fell to 1.45%.

Consumer financial health generally continued in the second quarter due to the strong job recovery and another round of federal stimulus payments, said Sayee Srinivasan, ABA's chief economist and head of research in a statement. Consumers have remained focused on keeping credit-card balances manageable and spending within their means. The pandemic remains a significant economic factor to watch, according to the statement. The delta variant has added volatility to the economy and many consumers continue to struggle, Srinivasan said.

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