Card delinquencies have hit a record; the housing slowdown could mean more pain is coming.
January 7, 2004: 1:09 PM EST
by Mark Gongloff, CNN/Money Staff Writer
NEW YORK (CNN/Money) - The record percentage of consumers behind on their credit-card payments could be the ugly result of a weakening housing market -- and an ominous sign of greater credit pain to come, economists said Wednesday. But some analysts suggested that the improving labor market would ease the sting of a softer housing market and help stop the bleeding in consumer balance sheets. The American Bankers Association (ABA) reported Tuesday that 4.09 percent of all credit-card accounts were delinquent in the third quarter, the highest rate on record, and said the weak job market was probably to blame.
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