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Delinquency

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Based on total dollars past-due, credit card delinquency declined in the first three months of this year to its lowest level since the mid-2000. Delinquency has been falling for five consecutive quarters, hitting 3.83% in the first quarter compared to 4.19% in the prior quarter and 4.65% one-year ago. According to data gathered by the American Bankers Association based on the number of accounts past-due, delinquency was 4.03% in the first quarter, compared to an all-time high of 4.43% reached in the fourth quarter of 2003. The composite ratio of closed-end installment loans 30 days or more past due increased slightly to 1.89% from 1.68% of all accounts. The ABA composite ratio tracks eight closed-end consumer installment loans, including personal, auto and home equity.

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|_6. 1Q CREDIT CARD DELINQUENCY HISTORY |
|_6. (based on total dollars outstanding) |
|_. |1980: 3.00% | 1985: 3.10% | 1990: 3.29% | 1995: 3.50% | 2000: 3.94% |
|_. |1981: 3.16% | 1986: 4.92% | 1991: 4.55% | 1996: 4.62% | 2001: 4.13% |
|_. |1982: 3.33% | 1987: 3.71% | 1992: 4.31% | 1997: 5.43% | 2002: 4.50% |
|_. |1983: 3.06% | 1988: 3.71% | 1993: 3.98% | 1998: 5.42% | 2003: 4.51% |
|_. |1984: 2.84% | 1989: 3.39% | 1994: 3.51% | 1999: 4.44% | 2004: 4.65% |
|_6. Source: American Bankers Association Delinquency Bulletin |

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