Consumers are being cautious about accumulating more credit card debt, according to an analysis released today by TransUnion.com, one of the largest credit rating agencies.
The average credit card delinquency rate fell 11% during the last quarter of 2008 compared with the same period in 2007. In the final quarter of 2008 the rate was 1.21%, compared with 1.36% during the previous year. But the fourth quarter rate was up 11% over the third quarter of 2008.
The effect of the nation's economic woes was also apparent in other data.
The average bankcard borrower debt increased .33% during the last quarter of 2008 and was 1.96% higher than in the fourth quarter of 2007.
Delinquency was highest in Nevada (2.04%), Florida (1.71%) and Arizona (1.54%), states hard hit by the housing market. The lowest delinquency rates were in Alaska (0.57%), North Dakota (0.70%) and Vermont (0.75%).
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