Card holders in Genesee, Orleans counties often late
Late-payment rates in the Bronx are even higher
Credit card borrowers in Orleans and Genesee counties have the highest rates of late payments on credit cards and mortgages in Western New York, but they still pale in comparison to default rates downstate.
According to data from TransUnion, compiled and released this month by the Federal Reserve Bank of New York, 2.04 percent of credit card loans are at least 60 days late in payments in Orleans County. That’s the most in the eight-county region, and the seventh-highest late-payment rate in the state.
It’s still well-below the Bronx, where 3.08 percent of credit card loans are late. But it’s above the average and median, or midpoint, of the state’s 62 counties, both of which are 1.59 percent.
Locally, Niagara County is second, with 1.82 percent. Erie is third, but below the average, at 1.56 percent. Cattaraugus is near the bottom, at just over 1 percent.
For mortgage loans, Genesee County has the highest pace locally, at 1.84 percent of its loans that are at least 90 days late, followed by Allegany at 1.69 percent. Erie’s was much lower, at 1.41 percent.
Bronx is again on top, at 3.55 percent. The average was 1.66 percent, while the median is 1.52 percent.
Nationwide, Shannon County, S. D., appears to be in the most trouble. According to the data, 11.19 percent of its credit card loans are 60 days late and 16.67 percent of its mortgages are 90 days late.
Two counties in Mississippi and Georgia followed for credit cards with rates of 6.67 and 6.11 percent, respectively. The median was 1.81 percent nationwide.
Two Mississippi counties came in second and third for mortgages, with 10.49 percent and 9.48 percent, respectively. The median was 1.76 percent.
