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How Americans manage to pay off the debts

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How Americans manage to pay off the debts

How Americans manage to pay off the debts

According to the American Bankers Association (the ABA) , a banking industry trade group, the number of borrowers who are in debt is decreasing. 

People who are more than 30 days overdue was 1.73% at the beginning of 2018, which is below the average of 2.14%. It means 25% of Americans repaid their debt. 

The ABA which tracks such borrowers’ categories as bank-issued credit cards, home equity loans, auto loans and personal loans, says that a greater number of households have better budget management. Finally, since early 2012, delinquencies fell in the 70s of 2018. It was supported by more than 10 million new jobs added.

There appear a lot of new jobs, the wages and rates are getting better. So the decrease of delinquency is not surprising, states James Chessen, the ABA’s chief economist. 

Besides, a strong economy, lower unemployment and tax reform helped Americans to be able to take debt repayment seriously.

They paid off $40.3 billion credit card debt at the beginning of 2018. [ https://wallethub.com ] Such high amount hasn’t been traced since 2009.

However, not all is so good with consumer debt. It comprised $1.02 trillion in credit-card debt in 2017 and remained so in April 2018. [ https://www.federalreserve.gov ]

Still most families do their best to pay the loans back which is rather difficult but to rising interest rates and debt burdens, says Greg McBride, the chief financial analyst at personal-finance website Bankrate .

The banks hope the customers will continue to manage their budget and debts. They are not going to increase lending. The economy improves, and the borrowers will hopefully be able to handle the coming economic conditions”.

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