More Americans are paying their credit card bills on time than at any point in the past 11 years, according to the American Bankers Association.
Credit card delinquencies fell to 2.93 percent in the second quarter, the lowest level since 2001, the group said. The rate is down from 3.08 percent in the first quarter. A credit card account is considered delinquent if it is 30 or more days overdue.
Despite the slow economy, the indication is that consumers are being more prudent and avoiding late-fee charges, according to LowCards.com, a website that tracks credit card deals for consumers.
However, the bankers’ association also said delinquencies rose on home improvement loans and home equity loans in the quarter.Beth Healy can be reached at firstname.lastname@example.org.