TransUnion reported Monday average balances of both revolving and non-revolving consumer credit accounts fell year over year as of Sept. 30, 2015.
The Chicago-based consumer data firm revealed average revolving balances decreased by 3.9% in the last year to $10,931 in the third quarter of 2015. Non-revolving debt per consumer also decreased by 0.3% over the year, ending at an average of $113,973 per consumer in Q3 2015, the company said.
TransUnion partially blamed the drop in average balances on larger numbers of subprime consumers who gained access to credit but had generally lower credit limits. The firm also pointed out aggregate revolving credit balances increased by $13.5 billion between Q3 2014 and Q3 2015, while aggregate non-revolving debt rose by $249.5 billion over the same time period.
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