TransUnion says credit card debt, delinquency rose in late ’07
Credit bureau TransUnion said that both credit card debt and delinquency increased in the final months of last year.
During the fourth quarter of 2007, TransUnion reported that the national average credit card debt per bank card user increased 4.81 percent from the prior quarter to $1,694. As debt rose, so did delinquency: The percentage of bankcard users 90 or more days past due reached 1.36 percent. That marked a 32.04 percent surge in delinquency from the prior three months.
In January, the American Bankers Association said that credit card delinquencies headed lower in the third quarter.
The TransUnion credit card data, initially reported earlier this month, was re-released along with an analysis of fourth-quarter mortgage industry trends.
Credit card delinquency may head still higher, according to TransUnion. By year’s end, the national 90-day bank card user delinquency rate is projected to reach 1.9 percent.