Average Credit Card Debt Down to $4,878 in 1Q 2013, TransUnion Says

Wed, 22 May 2013 19:54:02 GMT

Source: ecreditdaily.com --- Wednesday, May 22, 2013
U.S. consumers are doing better at reducing their credit card balances and paying on time, as the average total card debt per borrower is down to $4,878, according to TransUnion’s update for the first quarter of 2013. The average debt is down 4.8 percent from the fourth quarter of 2012 ($5,122) and down 1.7 percent from a year ago ($4,962). The national credit card delinquency rate (the ratio of borrowers 90 or more days past due) decreased to 0.69 percent in the first quarter of 2013, from 0.73 percent in first quarter of 2012. The delinquency rate saw a sharp 18.8 percent seasonal decline from the end of 2012, when it stood at 0.85 percent. “We traditionally see credit card delinquencies and balances decline during the first three months of the year as many people pay down their holiday shopping balances or use their tax refunds to pay off their debts,” said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. Additionally, the seasonal drop and the year-over year improvement in credit card delinquencies is “indicative of how consumers continue to value their credit card relationships,” he said. TransUnion’s quarterly analysis of credit card performance also examines “origination rates,” or the pace of new credit card accounts. They are evaluated one quarter in arrears to account for the reporting lag of new accounts. In the fourth quarter of 2012, new credit card originations ...

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Mon, 20 May 2013 17:17:57 GMT

Source: www.dailymotion.com --- Monday, May 20, 2013
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