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Credit card delinquency rate fell in 4th quarter of 2010

Created: On March 11, 2011 @ 2:13 pm In

The national credit card delinquency rate in the fourth quarter of 2010 was down nearly 32 percent from a year earlier, according to [1] TransUnion. However, 32 states saw an increase in average credit card borrower debt from the previous quarter. The biggest gains in average credit card borrower debt occurred in the District of Columbia (4.17 percent), Iowa (2.84 percent) and Mississippi (2.7 percent).

The credit card delinquency rate measures the ratio of borrowers 90 or more days delinquent on one or more of their bank-issued credit cards.

According to Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit: “From a delinquency perspective, 2010 was an excellent year for consumers as they showed continuing fiscal responsibility in working to pay down their [2] credit card debt. Even in the presence of falling home prices, the accumulation of negative real estate equity and high levels of unemployment, consumers still have been placing a premium on paying off their credit card obligations and maintaining the health of their card relationships.”

The national average credit card borrower debt, which is defined as the aggregate balance on all bank-issued credit cards for an individual borrower, dropped 8.62 percent from a year earlier. Alaska had the highest average credit card borrower debt at $7,010, followed by North Carolina ($5,680) and Tennessee ($5,605). Iowa had the lowest average credit card borrower debt at $3,915, followed by North Dakota ($4,181) and South Dakota ($4,248).

Article printed from DebtHelp.com Blog: http://www.debthelp.com/blog

URL to article: http://www.debthelp.com/blog/2011/03/11/credit-card-delinquency-rate-fell-in-4th-quarter-of-2010/

URLs in this post:
[1] TransUnion: http://newsroom.transunion.com/easyir/customrel.do?easyirid=DC2167C025A9EA04&version=live&pr
id=723774&releasejsp=custom_144

[2] credit card debt: http://www.debthelp.com/blog/2011/02/20/credit-card-debt-consolidation-is-debt-consolidation-good/