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More consumers are reducing their credit card debt and staying current on their credit card payments. I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.
According to a new analysis by TransUnion credit reporting agency, the average total debt per user dropped $286, or 5.8 percent, to just over 46-hundred dollars in the first quarter of 2011 from over 49-hundred dollars in the fourth quarter of 2010.
The national credit card delinquency rate, which measures the proportion of credit card users 90 or more days late on their credit card payment, dipped to 0.74 percent in the most recent quarter. This rate dropped almost 10 percent compared with the 0.82 percent rate in the fourth quarter of 2010 and has fallen nearly 33 percent compared with the 1.11 percent delinquency rate recorded in the first quarter of 2010. The most recent rate was the lowest since the third quarter of 1996, TransUnion said.
If you want to get out of credit card debt – transfer your balance to a low rate card. Bankrate.com has a credit card balance transfer calculator to crunch the numbers. I’m Kristin Arnold.