Credit Card Balances are on their way down!

 

Smarter American Credit Card Consumers

 

  • Delinquencies over 90 days (for credit cards) declined from 1.51% in Q1 2013 to 1.37 Q1 2014!
  • Average credit card debt was $5,164  Q1, 2014, compared to $5,201 for the same period last year.
  • The credit and collections industry  (Marcadis Singer, PA are debt collection attorneys in Florida) has approximately 20% of their annual collections in Credit Card Debt.
  • The Fed recently reported that credit card debt is down approximately $24 Billion over the same period 2014.
  • TransUnion is reporting that both credit card debt, and credit card delinquency are down Q1 2014 over Q1 2013.   Perhaps most hopeful, is TransUnion reporting that consumer behavior has largely shifted from spending tax refunds, to using tax refunds to pay off credit card debt.
  • Don’t shed tears for the credit card industry though.. even in the face of responsible credit use by the American Public, their sector is still growing with a whopping 344 Million open credit card accounts, compared to 329 Million just one year ago.

 

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