It seems Arizona bankruptcies decreased last year. Though improvements in the filing rate might have been seen, it’s unclear how much longer the trend will continue.
Debt Level Decreasing in Arizona
During 2016, the number of consumers and small businesses statewide filing for bankruptcy dropped to 14,657 last year from 16,313 in 2015, according to tabulations by the U.S. Bankruptcy Court in Phoenix, thus marking the sixth straight year of improvement.
A general rise in employment has helped those who might have sought bankruptcy. But despite the creation of 2 million new jobs across the nation during last year, Americans have been adding to their debt levels.
According to the American Bankers Association, the proportion of past-due credit cards rose to 2.74 percent of all accounts, up 0.26 percent from the second quarter.
“Delinquency rates have held near historical lows for an unusually long period due in large part to consumers’ skillful financial management, but it was inevitable that they would edge up eventually as part of the natural credit cycle,” said James Chessen, the association’s chief economist.