Report: Late Payments on Credit Cards Jump, Debt Falls in Q3

credit-cards

Americans will be spending a large portion of their free time this month at shopping malls, electronic outlets and department stores. On top of being bombarded with advertisements and sale posters by retailers, they will be accompanied by a list, bags and credit cards – also temporarily chucking fiscal responsibility out the window.

Prior to the official beginning of the holiday shopping season, credit reporting agency TransUnion published a report on credit card debt in the third quarter of the year late last month. Its figures came with mixed results.

According to the report, more consumers fell behind on their credit card payments. Between the months of July and September, the rate of credit card payments overdue by at least 90 days increased from 1.27 percent in the previous quarter to 1.36 percent. The figure is down from 1.5 percent from the same time a year ago. A positive number to show consumers are tackling their debt hurdles. Continue reading