Credit card delinquencies on the rise (duh)

From the “sky is falling” department at the AP, a holiday story about the rising credit card delinquency rates nationwide. Says Cliff Tan of Stanford University, “Debt eventually leaks into other areas, whether it starts with the mortgage and goes to the credit card or vice versa.” Increases in delinquencies of 30 days or more are up 26%, and delinquencies of 90 days or more are up 50%.

Not to worry, says the AP, the credit card business is still “quite lucrative.”