Report: Credit card debt worries could be easing for Americans
One of the big three credit reporting agencies has released the results of a study saying the number of Americans delinquent on their credit card bills has fallen for the fourth straight quarter.
The number of credit card delinquencies nationwide in the first quarter of 2010 declined by nearly 16 percent compared to the same period in 2009, according to statistics released Monday by TransUnion. Compared to the previous quarter, the drop was measured at 8.3 percent.
In addition to a drop in the number of Americans in serious financial trouble due to credit card debt, the average amount owed by American consumers also decreased for the fourth straight quarter, TransUnion reported. Consumers studied by the credit reporting agency owed an average of $5,165, which represents a more than 10 percent decrease from the $5,776 found in the first quarter of 2009.
While the statistics from TransUnion are positive news for U.S. consumers, many are still struggling to pay off mortgages, credit card debt, and other financial obligations. For these people, credit counseling might be a good option.