credit card defaults

Credit card delinquencies plunged in third quarter as consumers pay down debts and shun card debt. The ratio of bankcard borrowers 90 days of more delinquent on one or more their credit cards fell 24.6% year-on-year in the third quarter, according to TransUnion. More than 8 million consumers...

U.S. credit card delinquencies fell in October to the lowest levels of the year as more people were able to restart payments on their consumer debt, The Wall Street Journal reported, citing company filings.

Banking analyst Meredith Whitney sees the writing on the wall: credit card companies are cutting credit lines of worthy borrowers, which could hurt the U.S. economy and stall recovery. As even worthy consumers see their credit lines slashed, less and less credit will be available for spending. With...