One of the types of debt consumers sometimes hold is credit card debt. Struggles with credit card debt can have major impacts on consumers.
Recently, an article on the Wall Street Journal’s website reported on some credit card debt-related statistics. The statistics regard credit card delinquency and average credit card debt in the United States in 2011’s third quarter.
According to these statistics, average credit card debt in the U.S. went up in 2011’s third quarter. Reportedly, in the third quarter, average credit card debt in the U.S. rose from $4,699 to $4,762.
According to the statistics, the U.S. credit card delinquency rate also went up in 2011’s third quarter. According to the Wall Street Journal article mentioned above, this is the first time the nation has seen a quarterly rise in the credit card delinquency rate since late 2009. Reportedly, in 2011’s third quarter, the credit card delinquency rate in the U.S. was 0.71 percent. In 2011’s second quarter, the delinquency rate was only at 0.6 percent.
Thus, the statistics appear to indicate that, in 2011’s third quarter, both the average amount of credit card debt consumers held and the number of consumers facing credit card debt struggles went up in the United States. These trends give rise to some questions. Will these trends continue in 2011’s fourth quarter? What impacts have these trends had on consumers in the U.S.? What has caused these trends to occur? It will be interesting to see how these questions are ultimately answered.
Source: The Wall Street Journal, “TransUnion: 3Q Credit-Card Delinquencies Up For 1st Time Since ’09,” Ben Fox Rubin, Nov. 15, 2011