Could this be a sign of the turning tides? A light at the end of the dark recession tunnel? The Associated Press reported that for the first quarter of 2012, overdue credit card payments are less than they were at this time last year, and far less than they were at the end of 2011. It could be seen as a sign of folks trying very hard to dig themselves out of debt, and will surely reward them with a higher credit score for their timely payments. I think it’s a smart financial decision and applaud the many borrowers who have made such a concerted effort to repay their debts. Alex Veiga of the Associated Press reported today,
“U.S. credit card users are getting better about making more timely payments, even as banks are increasingly issuing cards to borrowers with less-than-stellar credit.
The rate of payments at least 90 days overdue dipped in the first three months of the year to 0.73 percent, credit reporting agency TransUnion said Thursday.
That’s down from 0.78 percent in the fourth quarter of 2011 and 0.74 percent in the first quarter of last year.
While the rate increased in the second half of last year, the broader trend has seen delinquency rates decline steadily since the last recession started toward the end of 2007, said Charlie Wise, TransUnion’s director of research and consulting.
“We are now seeing that, when given a choice, consumers are overwhelmingly paying their bankcards before they’re paying their mortgages,” Wise said.”
To read more about the factors that influence credit card payments, click here.
To credit card holders as a collective, great job on staying on top of your finances! Chipping away at debt is a good feeling, and the BEST feeling is becoming debt-free altogether. Give yourself a pat on the back if you’ve been extra-good about making credit card payments, and keep up the good work 
