Consumer Payment Card News

Bankruptcy Momentum

The momentum in bankruptcy filings continues to slow as filings in August declined 9.0% year-on-year, and 5.7% sequentially. During August, 125,783 filings were made compared to 138,266 for August 2003. Year-to-date bankruptcy filings were 1.06 million, down 3.8% from the same time last year. The total number of bankruptcies filed in the 12-month period ending June 30th, was 1,635,725, down 0.9% from a year ago. For the second quarter of this year total filings were down 0.4% to 421,100. The decline for the first half of this year is the first drop in consumer bankruptcy filings since 2000.

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