Credit card delinquency rate up significantly in Mississippi
On behalf of The Rollins Law Firm posted in Personal Bankruptcy on Thursday, May 28, 2015.
A recent report indicates that Mississippians might be having a particularly rough time when it comes to credit card debt. The report is on credit card delinquency rates in the U.S. in the first quarter of 2015. In relation to these rates, credit card delinquency is when a credit card borrower is at least 90 days behind on their general-purpose credit card payments.
The report indicates a couple of rather discouraging things when it comes to Mississippi.
One is that, in 2015's first quarter, the credit card delinquency rate for Mississippi was much higher than the national rate. The Mississippi rate was 2.14 percent while the national rate was only 1.37 percent.
The second is that the credit card delinquency rate in Mississippi was up significantly from where it was a year previous. Specifically, the first quarter 2015 rate for the state was 8.7 percent higher than the state's first quarter 2014 rate. This was the highest year-over-year rate increase that any state saw in 2015's first quarter and it is a stark contrast to what happened with the national rate. The national rate in first quarter 2015 was the same as the national rate in first quarter 2014.
A high delinquency rate in the state could indicate that credit card debt struggles are particularly common here in Mississippi. Why do you think Mississippi is showing such a high credit card delinquency rate? Why do you think the state saw such a big year-over-year increase in credit card delinquency rate in 2015's first quarter? Are there certain things that you think are making credit card debt struggles more common here in Mississippi?
Bankruptcy is sometimes able to provide significant debt relief (through things like debt discharges) to individuals who are having credit card debt difficulties. Mississippians with high credit card debt who have questions regarding whether bankruptcy could be helpful in giving them relief from their credit card debt should consider having a discussion about their credit card debt situation with a bankruptcy lawyer.
Source: MarketWatch, "TransUnion: Credit Card Debt and Delinquency Rate Remain Steady as 15 Million More Accounts Opened in Last Year," May 20, 2015