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(USGovernment-News.Com, August 17, 2012 ) San Francisco, CA - According to rep-am.com, Americans are carrying more credit card debt than ever before. But there is good news for credit card companies as the late payment rate for card holders remained near an 18 year low.
Customer’s credit card data was combined by credit reporting agencies to come up with these staggering stats in Los Angeles Tuesday. The credit card debt per borrower in the country had grown about 6-percent in the second quarter of fiscal 2012.
The rate of payments for the same period of time, however, grew from 0.60-percent to 0.63-percent, valid for payments at least 90 days overdue. There has been a general decline in the rate of credit card crimes as well, with delinquencies sinking to 0.56-percent in the third quarter, the agencies further reported.
The stats from April to June shows how the borrowers are managing the loans to boost their savings. Customers are making efforts to save money to pay off their debts. People, who have mortgage payments to make every month, have made their credit card bills a priority over the home loans and other financial agreements.
The average credit card debt per borrowers has been reported to be about $5,000 in the second quarter, which is considerably less than what it was in 2011. Nonetheless, it is still about 13-percent less than the $5,719 figure from the second quarter of 2009.
"The credit pie is bigger and non-prime consumers are getting a bigger slice of that pie," said Ezra Becker, vice president at TransUnion's financial services business unit.
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