Low Interest Credit Cards

A recently published report by RealtyTrac revealed that the number of foreclosures in the United States declined yet again during the month of November.

According to the report, the total number of U.S. foreclosures during November 2011 was 224,394 — a decrease of three percent from October 2011 and 14 percent from the same time last year.

RealtyTrac identified government investigations, increased judicial oversight and the foreclosure freeze – instituted by several mortgage lenders following revelations that they may have relied upon faulty procedures and/or deficient information to foreclose upon thousands of homes – as some of the contributing factors for the steady decline in foreclosure/foreclosure filings.

Interestingly enough, however, analysts have warned that this drop is likely only temporary and that foreclosure rates will likely start to climb well into 2012. Why?

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Credit card debt is one of the many foes consumers may face as they deal with budgeting and saving money, though a recent report shows that their debt fell in November.

According to the Federal Reserve System, the total amount of consumer credit fell at an annual rate of 8.5 percent in November, which translates to a total of $17.5 billion. That furthers a trend that has seen total consumer credit dropping since the fourth quarter of 2008.

Both revolving and nonrevolving credit decreased during the month, though the former made the more significant decline in percentage. The Fed report noted that revolving credit, which consists mainly of credit card debt, fell $13.7 billion, which comes to an annual rate of 18.5 percent.

Though this drop may suggest that consumers are trying to reduce the amount of credit card debt they have, it could also mean that lenders are being forced to write off more of their accounts as consumers continue to find difficulty paying what they owe.

A recent report from Fitch Ratings noted that delinquencies of more than 60 days on credit card debt hit an all-time high in December at 4.52 percent. Read more…