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US credit card late payments down in 2Q

August 26, 2014

LOS ANGELES (AP) — Americans are doing a better job of making timely credit card payments, even as many lenders increasingly extend credit to more people with less-than-perfect credit.

Credit reporting agency TransUnion says the rate of U.S. credit card payments at least 90 days overdue fell to 1.16 percent in the April-June quarter.

That’s the lowest level in at least seven years.

The credit card delinquency rate is down from 1.27 percent in the second-quarter last year. It peaked in the first quarter of 2009 at 3.12 percent.

TransUnion’s data set goes back to 2007.

Average card debt per borrower edged up from a year ago to $5,234.

Americans still have a limited appetite for debt after gorging themselves on sub-prime mortgages and credit cards before recession in late 2007.

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