SPRINGFIELD, Mass. (WWLP) – Making credit card payments has been a struggle for many residents during tough economic times, but a new report shows, that’s changing.
Credit Reporting Agency TransUnion says the rate of U.S. credit card payments at least 90 days overdue fell to lowest level it’s been in seven years.
In the first quarter of 2009, the rate peaked at 3.12 percent. That number has dropped all the way to 1.16 percent in the second quarter of this year.
Despite those numbers, the average credit card debt per borrower has slightly increased to 5,234 dollars in the second quarter, which is just over one percent higher than the beginning of the year.