Credit Card Delinquency Rate Places Connecticut At #20 Among States, Better Than U.S. Average

The credit card delinquency rate among Connecticut residents puts the state in the middle of the pack, ranked at #20 nationally, but the percentage has more than doubled compared with 2000 and climbed since 2006, according to data compiled by the financial website bloomberg.com. The credit card delinquency rate among Connecticut residents is slightly better than the U.S. average, and slightly better than the median among the states.

The lowest credit card delinquency rates are among residents of North Dakota at 7.4 percent, Alaska at 7.6 percent, Nebraska at 8.3 percent, Wisconsin at 8.6 percent, and South Dakota at 8.7 percent.

Connecticut’s delinquency rate of 11.2 percent falls between Colorado at 11.1 percent and North Carolina at 11.2 percent. At the other end of the spectrum are California (17.7 percent), Florida (20.8 percent) and Nevada (22.4 percent). The U.S. average is 11.7 percent.

Since the beginning of the century, the credit card delinquency rate among Connecticut residents has climbed – from 5.2 percent in January 2000, to 7.8 percent in January 2003, to 11.2 percent in January 2009, where it has remained.

The national comparison is based on 2013 data, and was compiled this year. Credit card debt delinquency is the percent of all credit cards that are delinquent more than 90 days, including revolving accounts for banks, bank card companies, national credit card companies, credit unions, and savings and loan associations, according to Bloomberg.

Among the other New England states, Massachusetts ranks #39, Rhode Island is #44, Vermont is #16 and New Hampshire is #26. In the tri-state region, New York is #43 and New Jersey is #28 in individual credit card delinquencies among state residents.

Data on delinquent debt balances were collected as part of the Federal Reserve Bank of New York Consumer Credit Panel, a quarterly national survey of all individuals with a Social Security number and a credit report (usually aged 19 and over). It draws from a nationally representative 5 percent random sample from a database of about 40 million individuals’ detailed Equifax credit reports. The data is updated annually by the Federal Reserve Bank of New York, according to Bloomberg.