The total delinquency rate for non-mortgage or real estate related credit decreased in the final quarter of 2009.
Improved consumer spending along with modest job gains has many economists feeling optimistic about the recovery of the economy.
However, even with delinquency rates on the decrease they still remain high from a historical perspective. A composite index of delinquencies in all categories was 3.19% whereas, prior to the fourth quarter of 2008, the number had not exceeded 2.9% in over 20 years.
Unemployment still remains high and despite some significant gains in March the unemployment rate still remains around 9.7%.
See Survey: Fewer consumer loans are being paid late.