CHICAGO, Sept 16, 2008 /PRNewswire via COMTEX/ -- TransUnion.com released today the results of its analysis of trends in the credit card lending industry for the second quarter of 2008. The report is part of an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data that may be found on TransUnion's Web site.
Statistics
The recent first-quarter drop in average credit card debt was temporary, as data from second quarter 2008 shows a slight increase across the board geographically. National credit card debt per credit card borrower increased 2.63 percent to $1,717 from the previous quarter's $1,673, and 8.6 percent compared to the second quarter of 2007 ($1,581). The highest state average card debt per credit card borrower was in Alaska at $2,494, followed by Tennessee at $2,109 and Alabama at $2,015. The lowest average credit card debt per credit card borrower was found in Iowa ($1,281), followed by North Dakota ($1,318) and South Dakota ($1,388).
The steepest increases in average credit card debt over the previous quarter occurred in the District of Columbia (6.62 percent), Alaska (4.84 percent) and Tennessee (4.75 percent). Alabama experienced the smallest increase in its average credit card debt (0.49 percent), followed by North Carolina (0.73 percent) and West Virginia (0.82 percent).
On a positive note, the national credit card delinquency incidence rate (the ratio of borrowers 90 or more days past due) continued to decline for the second quarter in a row.
Nationally, the ratio of credit card borrowers delinquent on one or more of their credit cards declined to 1.04 percent in the second quarter of 2008, down 12.6 percent over the previous quarter. However, on a year-over-year basis the national delinquency incidence rate has risen 14.3 percent from 0.91 percent in the second quarter of 2007. Incidence of delinquency was highest in Nevada (1.72 percent), followed closely by Florida (1.34 percent) and Mississippi (1.30 percent). The lowest credit card delinquency incidence rates were found in North Dakota (0.59 percent), Vermont (0.68 percent) and Utah (0.70 percent). Quarter-over-quarter delinquency incidence rates dropped across the board. Nevada experienced the smallest drop in delinquency (-1.15 percent), while the District of Columbia's delinquency incidence rate dropped the most (-28.2 percent) from the previous quarter.
News Source : http://www.marketwatch.com/
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