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Average credit card debt rises

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Monday, November 19, 2012

The average credit card debt for American consumers is going up as they spend more and become less diligent about making payments on time.

The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September period from a year earlier to $4,996, credit reporting agency TransUnion said Monday.

During the last recession, many Americans reined in spending in favor of paying off debt, particularly credit card balances. The housing downturn also prompted many homeowners to make paying their credit card accounts on time a priority at the expense of other financial obligations, such as their mortgage payments.

Read more at OregonLive.com.

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