Credit Card Delinquency Rates Continue Decline

What spells good news for American consumers, spells more bad news for the debt relief industry. According to TransUnion, the national credit card delinquency rate for people more than 90 days past due has dropped to 0.73% from last quarters 0.78%.

In addition the average credit card debt per borrower decreased by $242 to $4,962.

While total credit card originations increased in 2011, about 24% of those new cards went to subprime borrowers.

“The influx of sub-prime lending we saw from previous quarters continued in Q1 2012, but demand for new card originations also picked up among prime and super-prime consumers,” Ezra Becker from TransUnion said. “The good news is that increased lending, particularly to non-prime borrowers, hasn’t affected delinquency rates, which have remained unchanged over the past year. Bank cards are one of the most important assets for consumers, and it is evident consumers have been working hard to stay current on their cards and to maintain access to this important financial tool.”

Currently the highest credit card delinquency rates are in Mississippi, Georgia, Alabama, and Arkansas. The highest credit card debt per borrower is in Alaska, Colorado, North Carolina, Connecticut.

These facts appear to demonstrate that the demand for debt relief services will continue to be flat or decreased moving forward until consumers begin to load up on easy credit again.


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