TransUnion reports lowest credit card delinquency rate in 17 years
A recent report by TransUnion, a worldwide leader in risk management and information, finds that the national credit card delinquency rate has dropped for the sixth consecutive quarter and now sits at 0.6 percent.
A recent report by TransUnion, a worldwide leader in risk management and information, finds that the national credit card delinquency rate has dropped for the sixth consecutive quarter and now sits at 0.6 percent.
While the amount of credit card debt per borrower increased to $4,699 for the quarter, it is still relatively low and the 0.6 percent delinquency rate is the lowest mark in the past 17 years.
But the drop in credit card delinquencies may be the result of a poor economy rather than an indication of economic progress.
"National credit card delinquency rates have fallen to levels not seen since 1994 as consumers continue to tighten their spending," said Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit. "TransUnion believes that the recovering economy is only indirectly impacting delinquency rates.
Filing for protection under bankruptcy law can be an option for those suffering from significant credit card debt, with most credit debts dischargeable under Chapter 7 bankruptcy law.
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