Americans have been able to be far more conscientious about making their bill payments on time and in full in recent months, and that is particularly true when it comes to dealing with their outstanding credit card debt.
Consumer delinquencies on credit card bills dipped once again in the first three months of the year, and now stand at lows not seen in more than a decade, according to the latest Consumer Credit Delinquency Bulletin issued quarterly by the American Bankers Association. In all, consumer credit card delinquency slipped to just 3.08 percent of all outstanding balances, down from 3.17 percent at the end of last year.
This was the lowest level seen since 2001, and now stands at well below the average seen over the last 15 years of 3.93 percent, the report said. However, that average was likely inflated considerably by the high rates of delinquency and default observed during and following the recession.
The recent economic downturn led many Americans to fall behind on all types of loans and prompted many to seek some sort of debt relief. However, many are now finding it easier to handle their accounts as the economy improves.