Credit Repair Blog

Consumer Debt—TransUnion Releases Their Most Recent Report

The most recent analysis of credit card debt and delinquencies has been published by TransUnion.  The report has bad news (not surprisingly given the state of the economy in 2008) and some (slightly) refreshing good news.

First the bad news.  The report indicates that the recent first-quarter drop in average credit card debt was temporary, as data from second quarter 2008 shows a slight increase across the board geographically. National credit card debt per credit card borrower increased 2.63 percent to $1,717 from the previous quarter’s $1,673, and 8.6 percent compared to the second quarter of 2007 ($1,581). The highest state average card debt per credit card borrower was in Alaska at $2,494, followed by Tennessee at $2,109 and Alabama at $2,015. The lowest average credit card debt per credit card borrower was found in Iowa ($1,281), followed by North Dakota ($1,318) and South Dakota ($1,388).

The steepest increases in average credit card debt over the previous quarter occurred in the District of Columbia (6.62 percent), Alaska (4.84 percent) and Tennessee (4.75 percent). Alabama experienced the smallest increase in its average credit card debt (0.49 percent), followed by North Carolina (0.73 percent) and West Virginia (0.82 percent).

Here’s the good news.  In the second quarter of 2008, people were paying their credit card bills.  The national credit card delinquency incidence rate (the ratio of borrowers 90 or more days past due) continued to decline for the second quarter in a row.

You can read more about the analysis here.