Relief of credit debts

[img_assist|nid=8380|title=|desc=|link=none|align=left|width=100|height=67] The latest reports by the Chicago-based credit and information management firm, TransUnion, show that in the first quarter credit card debt and loan delinquencies had a decrease as compared to the previous year.

Average credit card debt and national credit card loan delinquency (the ratio of borrowers 90 or more days past due) significantly dropped for a quarter. Since the fourth quarter of the last year an average credit card debt per credit card borrower fell 1.25% to a sum of $1,673. However, the total debt remains substantially high so far, accounting for 5.6% which is higher than during the same period of 2007 when the debt amounted to $1,584.

"As a whole, the recent deceleration, however slight, in the mortgage delinquency rate is reflected in the bank card market as consumers take stock of their overall debt and begin to catch up on their repayment schedule wherever possible," said Ezra Becker, principal consultant in TransUnion's financial services group. "Even states like California, Florida, and Nevada who have experienced large increases over the last four quarters in their bank card delinquency rates showed a drop in the first quarter."