Credit card debt drops to eight-year low
Published: August 26,2010
NEW YORK — The amount consumers owed on their credit cards dropped to its lowest level in eight years, as cardholders continued to pay off balances in the uncertain economy.
The average combined debt for bank-issued credit cards — those with a MasterCard or Visa logo — fell to $4,951 in the second quarter, down 13 percent from $5,719 last year, according to TransUnion.
The credit reporting agency said it was the first time card debt fell below $5,000 since the first quarter of 2002.
More borrowers also made payments on time. The number of cardholders past due by 90 days or more fell to 0.92 percent in the second quarter, from 1.17 percent last year.
The improvements are more evidence that consumers are working to keep their credit cards in good standing.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- (UPDATED) Making Jackson-Evers affordable to Allegiant is key to regaining Orlando service
- Congressional delegation applauds Air Force's decision on Keesler, but not satisfied
- Deal for Jackson-Orlando flights in works with Allegiant
- County rescinds gun ban; sheriff says lawmakers may 'deal with the consequences'
- Report: Mississippi sees biggest hike in home insurance premiums in U.S.
- Businessman involved in Frankel insurance scam dies at 81
- Great River Industries moving headquarters to Natchez
- Giles Ward will not seek reelection to Senate
- Commission to decide if emergency should be declared in Delta school system
- Leadership in Law nomination form