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Late payments on cards decline, although debt consolidation may be consideration for those still having problems
By Angela Hawke on May 18th, 2010
TransUnion recently reported that credit card delinquencies in the country declined during the first quarter, as more consumers may have found it easier to pay off debt.
According to the organization, the number of credit card accounts that were at least 90 days late on payment dropped to 1.11 percent during the first three months of the year. That is an 8.3 percent decline from the fourth quarter and 15.91 percent lower than during the first quarter of 2009.
"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 and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times," said TransUnion director of consulting and strategy Ezra Becker.
However, a number of consumers are still having a hard time trying to pay their bills on time. Those people may consider debt consolidation as an option, as it has the potential to reduce interest rates while also making bills easier to pay.
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