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
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Under state probe, All American Check Cashing gets ‘F’ rating from Better Business Bureau
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Walker sentenced to 18 months for fraud, conspiracy
- Three indicted, alleged to have embezzled from agency
- Manning family establishes health care initiative at UMMC
- Weyerhaeuser investing $57M to modernize lumber mill
- Google chooses Mad Genius as example of Internet use
- Communities awarded national Main Street accreditation