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Hoosiers Are Living Off Their Credit Cards

Last updated on Thursday, October 6, 2011

(UNDATED) - Good news and bad news on the consumer credit front in Indiana.

The Indiana Bankers Association says more Hoosiers are paying their credit card bills.

However, IBA also says there are more delinquencies in auto and home equity loans. This is all based on second quarter figures. IBA President Joe Dehaven says more Hoosiers are actually living off their credit cards and as a result, they're trying to keep the accounts in good standing.

Dehaven says in the past, Hoosiers paid their car and mortgages first and let credit credit card payments slide, but now, the reverse is true. Dehaven says Indiana pretty much mirrors the nation when it comes to consumer credit profiling.

The American Bankers Association says credit card delinquencies nationwide fell to 3.22 percent in the second quarter. However, delinquencies on auto and home equity loans rose to 2.88 percent during the same period.

The American Bankers Association blames the struggle on the overall poor economy and high gas and food prices. The ABA defines delinquency as a payment that is at 30 or more days past due.

Dehaven says the best solutions include tackling the national debt and job creation, both of which he says depend on cooperation among lawmakers in Washington.

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