Credit cardholders have become so good at paying their credit card payments on time that late payments rates are experiencing the lowest level since 1994 according to an article by the Associated Press.
This is based on the national delinquency rate for credit cards and the rate at which payments are past due more than 90 days. The rate has fallen in the second quarter to just .60 percent, a low that has not been seen for an incredible 17 years according to TransUnion, one of the leading credit reporting agencies in the world.
Even though payments are coming in on time more than ever in almost 2 decades, the amount of debt associated with credit cardholder is actually on the rise. During the reviewed quarter, the average total major credit card holders have in debt increased by $20 from January-March statistics. The average debt for the second quarter of the 2011 is $4,699 per borrower.
Even though there is a slight increase in the average debt per borrower, it is nothing compared to the all time average debt per borrower high which was set in the first quarter of 2009- $5,575.
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