Massachusetts Holiday Season Expected to be Better in 2010 Due to Credit
Boston bankruptcy lawyer Neil Burns reveals that credit issuers reported a decline in the number of credit card holders who are delinquent, indicating strength in the upcoming black Friday and the holiday season. The Wall Street Journal compiled official filings from banks which show a decline in loan delinquency rates, especially credit card rates, to the lowest in 2010.
While delinquencies are loans that are behind, and may eventually be charged off, actual charges offs are loans that the lenders and banks have determined are not collectable. The rate of charge offs, as reported to the Security and Exchange Commission, was also reduced in recent filings.
On the other hand the Federal Reserve is about to report that they estimate that the number of foreclosures is expected to continue to be high in 2011 in an “unhealthy” housing market.