Colorado had the 10th highest average credit card debt in the nation and the 19th-highest percentage of bankcard borrowers who are at least 90 days delinquent on one or more cards, according to data released Monday by Chicago-based credit bureau TransUnion.
The national credit card delinquency rate — the ratio of bankcard borrowers 90 days or more delinquent on one or more of their credit cards — decreased to 1.11 percent in the first quarter of 2010, down 8.3 percent from the previous quarter and down 15.91 percent year over year. Colorado’s 90-day credit card delinquency rate was 1.06 percent.
Credit card delinquency was highest in Nevada (1.79 percent), followed closely by Florida (1.59 percent) and Arizona (1.40 percent). The lowest credit card delinquency rates were found in North Dakota (0.59 percent), South Dakota (0.62 percent) and Alaska (0.68 percent).
Only two states showed increases in credit card delinquency – Arkansas (3.15 percent) and Alaska (1.5 percent). The two states with the largest quarter-over-quarter drop in delinquency were Vermont (down 18.18 percent) and New Mexico (down 16.7 percent).
Meanwhile, average U.S. credit card borrower debt — the aggregate balance on all bank-issued credit cards for an individual borrower — drifted downward for the fourth consecutive quarter, to $5,165. That compares with $5,434 in the fourth quarter of 2009 and $5,776 in the first quarter of 2009.
Colorado borrowers, on average, owed $5,610 in the first quarter.
The nation’s highest state average credit card debt remained in Alaska at $7,135, followed by Tennessee at $6,688 and Alabama at $6,126. The lowest average credit card debt was found in Iowa ($3,872), followed by North Dakota ($4,144) and South Dakota ($4,218).
Last week, credit-information company Experian said Denver has the third-highest level of average personal consumer debt among U.S. cities, at $26,428. Only Seattle ($26,646) and Dallas ($26,599) rank higher, Experian said.
Debt for the Experian study was calculated using all credit cards as auto loans and personal loans. It did not include mortgages.
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Tags: Card Debt, Credit Card, Credit Card Debt, Debt