Two of the most important economic indicators for many financial experts are Mortgage and Credit Card debts. These two factors were significant causes of the recent recession, according to many economists in Texas and elsewhere. However, a recent analysis by TransUnion predicts that the amount of mortgage debt will decrease while credit card debt will remain low. The rates have also been projected to continue declining in the near future.

The study forecasts the future of the Mortgage Delinquency Rate, which is defined as the percentage of consumers with mortgages that are 60 days or more past due on their payments. TransUnion predicts that this rate will decrease to 5.06 percent by the end of 2013. In 2012, the mortgage delinquency rate should end at 5.32 percent. The forecast predicts that mortgage delinquencies will drop in 34 states as well as the nation's capital. However, thirteen states should see an increase in mortgage delinquencies.

TransUnion also gave its forecast for Credit Card Delinquency rates. This is the percentage of credit cardholders that are over 90 days late on at least one of their credit card payments. In the fourth quarter of 2012, the credit card delinquency rate should end at 0.83 percent. This rate is predicted to remain low in 2013 with an estimated 0.87 percent by the end of the fourth quarter. The delinquency rate on credit cards has averaged 1.24 percent during the fourth quarter from 2000 until 2011.

Although it seems like Americans may be improving their ability to manage mortgage and credit card debt, there will still be many people in Texas who end up overwhelmed with their monthly bills. If this problem is not taken care of immediately, it could lead to more serious financial consequences, such as foreclosure of a home. However, those who are in trouble may still be able to file bankruptcy in order to obtain debt relief.

Source: Examiner.com