ATLANTA, Aug. 29, 2013 (GLOBE NEWSWIRE) -- According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, the total balance of bank credit cards increased slightly over the year ending July 2013 (from $533.3 to $536.5 billion), realizing the first year-over-year increase in 5 years. For other verticals, year-over-year changes in balances include:
- Student loan: increased 11.3% (from $794.6 billion to $884.2 billion);
- Auto: Increased 10.9% (from $745.3 billion to $826.8 billion);
- First mortgage: decreased 0.9% (from $7.79 trillion to $7.72 trillion);
- Home equity installment: decreased 4.1% (from $142.3 billion to $136.5); and
- Home equity revolving: decreased 8.9% (from $553.2 billion to $504.1 billion).
- Serious delinquencies represent 1.86% of outstanding balances in July 2013, a decrease of more than 11% year-over-year;
- The total of new credit opened between January-May 2013 is the highest since 2008 and an increase of more than 6% from same time a year ago ($72.9 billion to $77.7 billion);
- From January-May 2013, the total number of new loans also increased more than 6% from same time a year ago, from 15.6 million to 16.6 million; and
- Both new loans and new credit year-to-date in May 2013 are four-year highs.
- The total number of student loans originated January-May 2013 is 4.2 million, a decrease of 9.3% from same time a year ago;
- In that same time, the total balance of new credit is $24.3 billion, an increase of nearly 4% from same time a year ago;
- More than 60% of new student loans in May 2013 were distributed to borrowers between the ages of 24 and 39, a modest decrease from the same period last year; and
- The total amount of write-offs year to date in July 2013 is $11.6 billion, an eight-year high and an increase of more than 58% from same time a year ago.
- The total balance of home finance write-offs year-to-date in July 2013 is $96.3 billion, a decrease of more than 22% from same time a year ago and the lowest since 2007;
- First mortgages in severe delinquency (30-days past due) represent 6.24% of outstanding balances, a decrease of 22% from the same time last year;
- Similarly, the total balance of first mortgages 90-days past due or in foreclosure is less than $310 billion, a five-year low and a decrease of more than 25% from same time a year ago; and
- By loan type, severely delinquent balances (90-days past due or in foreclosure) for home equity revolving ($8.3 billion) and home equity installment ($4.4 billion) in July 2013 are five-year lows.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.
CONTACT: Demitra Wilson (404) 885-8907 Demitra.Wilson@equifax.com