Consumer bankruptcies across the country plunged 17% year-on-year in September, according to the American Bankruptcy Institute (ABI). The total for the month reached 108,517. The drop for the first nine months of the year from the same period in 2010 was 10%.
In a release, ABI Executive Director Samuel J. Gerdano said consumers were still retrenching.
“The data suggest continued improvement in consumer balance sheets and debt service ratios, despite a weak employment picture,” S&P analysts said.
This adds another color to the rosy picture already painted by declining credit card charge-offs and auto loan losses.
To read the ABI release, click here.