Americans are carrying less credit card debt and making more payments on time, according to an analysis conducted by TransUnion.
During the first quarter of 2010, the number of people making late payments was 8.3 percent lower than the previous quarter. The average amount of debt consumers held decreased by 4.95 percent during the same time period.
At 1.79 percent, residents in Nevada have the highest delinquency rate, followed by Florida and Arizona. According to TransUnion data, North Dakota residents are most apt to make payments for their credit cards on time, followed by the states of South Dakota and Alaska.
Even though overall credit card debt and delinquencies are down, the states of Arkansas and Alaska both experienced increases in late credit card payments during the quarter.
“The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty,” said Ezra Becker, director of consulting and strategy at TransUnion.
Data for the report was gathered by information submitted by roughly 27 million random credit card files.
As consumers increased the habit of paying on time, they also reduced their overall credit card debt. According to the Federal Reserve Board, revolving consumer credit fell at an annual rate of 6.2 percent during the first quarter of 2010.
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Tags: Card Debt, Credit Card, Credit Card Debt, Payments