Consumer Payment Card News

Deadbeat Pulse

The number of U.S. consumer bankruptcy filings in February neared 100,000, rising 29% from one-year ago and 11% sequentially. The increase is running under the widely held projections of a 35% gain for 2009. According to the American Bankruptcy Institute and the National Bankruptcy Research, consumer filings totaled 98,344 in February. Chapter 13 filings constituted 30.2% of all consumer cases in February, a 2.6% increase from January. According to the Administrative Office of the U.S. Courts bankruptcy filings jumped 34% in the third quarter compared to the year ago period, and increased 5% sequentially. According to CardData (www.carddata.com) there were 290,000 filings in the fourth quarter. In a recent American Bankruptcy Institute poll 65% of respondents predicted that bankruptcies in 2009 would increase by at least 35% over the nearly 1.1 million cases filed in 2008. Fifty-three percent of respondents predicted that filings would increase by 35% or more while 12% thought that filings would increase by about 35%.

             BANKRUPTCY FILINGS
              Jan 08:    66,050
              Feb 08:    76,120
              Mar 08:    86,165
              Apr 08:    92,291
              May 08:    91,214
              Jun 08:    82,770
              Jul 08:    94,124
              Aug 08:    96,413
              Sep 08:    88,663
              Oct 08:   106,266
              Nov 08:    99,925
              Dec 08:    84,926
              Jan 09:    88,773
              Feb 09:    98,344
         Source: ABI/NBKRC; CardData.com

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