News Summary: Average US credit card debt rises

News Summary: Late payment rate on US credit cards edged higher in 3Q, debt per borrower up

Associated Press

BIGGER BALANCES: Credit reporting agency TransUnion says that the average credit card debt per borrower in the U.S. grew 4.9 percent in the third quarter from a year earlier.

HIGHER DELINQUENCIES: The rate of credit card payments at least 90 days overdue also edged higher to 0.75 percent from 0.71 percent in the third quarter of last year.

OUTLOOK: The late payment rate is inching higher from historically low levels, suggesting most cardholders continue to prioritize their card payments over other financial obligations. TransUnion forecasts that late payment rates on cards will remain near current levels in the fourth quarter.

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