LOS ANGELES (AP) -- Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows.
The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September period from a year earlier to $4,996, credit reporting agency TransUnion said Monday.
At the same time, the rate of credit card payments at least 90 days overdue hit 0.75 percent, up from 0.71 percent in the third quarter of last year, the firm said.
While higher, the late payment rate is rising from historically low levels. The lowest late payment rate on TransUnion records going back to the mid-1990s was 0.56 percent, set in the third quarter of 1994. More recently, it was at 0.60 percent in the second quarter of last year
just about two years ago, i had zero cc debt. then my roof had to be replaced because of a leak that caused some water damage, BOTH of my cats got sick, one after the other, my glasses broke, and assorted car problems. the cc debt is up to 4k, but i'm determined to get it down to zero again. i always pay at least double the minimum payments too. it can be done!