Since the economic crisis of 2008, the economy has been slowly recovering. The latest data shows that the economy is continuing to grow and perhaps is getting stronger, coming close to reaching pre-crisis levels. In fact, the Credit Default Indices show a decline in default rates.
The S&P Dow Jones/Experian Credit Default Indices, which measures the changes in consumer credit defaults, revealed a decline in mortgage default rates while bank card and auto loan rates saw an increase. The national consumer credit default rates continued to decline as they had in prior months.
Overall the national composite was at a historic level, 1.04 percent, the lowest default rate since May 2006. Consumer credit default rates reaching record lows show signs of an improvement in the economy. This consumer credit data is supplemented with other statistics.
The unemployment rate is also breaking records as well and has reached a six-year low point. There has also been strong data where job creation is concerned. These factors coupled with the dropping default figures are signs that the economy has been steadily improving.
Many businesses have been created during the economic crisis to aid people in difficult times. Fixing the credit problems of those who have had default issues and allowing them to get back into good standing is in demand. A credit repair merchant account is a fast and efficient way to accept payment for businesses such as these.
As the economy continues to improve the consumer default data will improve as well. The creation of more jobs lowers unemployment and in turn, improves consumer credit spurring growth of a cyclical nature.
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