Credit-card delinquency rate holds steady

Late payments on credit cards were 4.56 percent of accounts in the fourth quarter, compared to 4.57 percent in the third quarter, seasonally adjusted.

The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, increased to 2.23 percent in the fourth quarter, compared to 2.12 percent in the third quarter. This increase was driven by delinquencies in home equity loans and in indirect auto loans, which are arranged through dealerships. Composite ratio delinquencies are in line with the 10-year average of 2.2 percent.

According to the composite ratio:

• Home equity loan delinquencies increased to 1.92 percent from 1.79 percent;

• Indirect auto loan delinquencies increased to 2.57 percent from 2.35 percent;

• Direct auto loan delinquencies decreased to 1.85 percent from 1.87 percent;

• Property improvement loan delinquencies decreased to 1.29 percent from 1.68 percent;

• Recreational vehicle loan delinquencies increased to 0.96 percent from 0.89 percent;

• Marine loan delinquencies increased to 1.33 percent from 1.04 percent.