**Note: People..how short are our memory spans. Excessive debt, especially credit card debt, was a major contributor to the ‘Great Recession’ that began in 2008. Did we not learn anything?
TransUnion: National Credit Card Delinquency Rate
Ticks Down, Reversing Two-Quarter Trend
CHICAGO, IL, May 16, 2012 (MARKETWIRE via COMTEX) — The national credit card delinquency rate (the rate of borrowers 90 or more days past due) dropped to 0.73% in Q1 2012 from 0.78% Q4 2011, with current levels well below historical norms. Average credit card debt per borrower decreased $242 from Q4 2011 to $4,962. These decreases reversed a negative trend that saw both the delinquency rate and average debt per borrower rise during the last six months of 2011.
Looking at the year-over-year trend, the national delinquency rate was essentially flat and average debt per borrower was $283 higher. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers, evaluating how they are managing credit related to mortgages, credit cards and auto loans.
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Credit card debt rising as banks issue more cards
Banks are issuing more credit cards lately, including increased approvals for people with less than stellar credit.
Transunion, which did the report, found in just the first three months of the year, more than 24 percent of new credit cards were issued to higher-risk borrowers.
The report also indicated that cardholders have been racking up more debt. On average, borrowers had $4,962 in credit card debt from January to March. That is up more than 6 percent versus the first quarter of last year.
Which cards offer best deals?
If you get a credit card offer in the mail advertising a low introductory rate, it is likely a promotional advertisement and is probably not the credit card for you.
Take your time and shop around for the best deals and interest rates on a card.
If you want a resource for comparing cards, try the website that News 8 On Your Side consumer reporter Brian Roche uses – it’s www.cardratings.com.
(Orginal article here)