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National Borrower Debt Remains Unchanged In 4Q

Posted by Meredith Dwyer on February 23 2011 @ 9:05 am

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Despite recent rises in spending, many consumers saved money and made timely debt payments at the end of 2010. While new reports have highlighted a recent rise in consumer spending, many Americans seem to have their debt payments under control.

TransUnion, one of the nation's largest credit reporting companies, announced this week that despite holiday shopping increases, consumer credit card debt remained relatively unchanged in the fourth quarter.

During the final three months of 2010, the average borrower debt rose slightly to $4,965. This was up from the $4,964 observed at the end of the third quarter. In addition, the company also found that delinquencies - payments to credit card lenders more than 90 days delinquent - continued their long-running streak of declines.

"From a delinquency perspective, 2010 was an excellent year for consumers as they showed continuing fiscal responsibility in working to pay down their credit card debt," said Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit.

Overall, consumers in Nevada, Mississippi and Florida had the highest rates of delinquent debt payments. By comparison, Iowa, North Dakota and South Dakota had the lowest rates. However, this is likely the result of the difference in the amount of foreclosures observed in these states.