US credit cardholders’ debt has fallen to its lowest quarterly
level in more than eight years, according to TransUnion, the credit
reporting agency.
The average combined debt for MasterCard and Visa branded cards
fell to $4,951 in the three months ended June 30, down more than
13% from $5,719 in the same period a year ago.
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TransUnion said it was the first quarterly period in which card
debt fell below $5,000 since the first quarter of 2002.
More cardholders also made payments on time, with the percentage
of customers more than 90 days late in making a payment falling 25
basis points from a year ago, to 0.92%.
TransUnion predicts that the US delinquency rate will remain
below 1% for the rest of the year.
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