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15/11/2011 -
Americans were delinquent on more credit card dues in the third quarter, suggesting consumers are still facing a string of financial challenges, despite dwindling credit card balances and debt resistance.According to the most recent TransUnion report, the national credit card delinquency rate nudged upward to 0.71 percent, the first increase since the fourth quarter of 2009. Meanwhile, the average consumer credit card debt grew $63 to reach $4,762, but that figure remains near record lows.
"This is the first quarterly increase we've seen in almost two years," said Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit. "Even so, we are still well below historical norms. In fact, we're at the second-lowest delinquency rate nationwide that we've seen in the past 16 years."
This is due largely to Americans' reluctance to incur further debt amid widespread financial difficulties. While such conditions indicate improving financial health, they pose challenges for the credit market and offer further economic uncertainty for the months ahead.
