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Are Americans learning to be responsible with credit cards?

Although just about everyone in the Tampa area, and elsewhere, understands the dangers of having too much debt, that doesn’t stop most Americans from carrying their fair share of unpaid credit card debt. Credit card debt can lead to a lot of financial problems both in the present and in the future. However, there may be some good news for the overall credit card debt picture in the country.

According to reports from the American Bankers Association, the percentage of cardholders who completely paid their balances off in the fourth quarter of last year rose to 29 percent from 28.6 percent. Although the jump is not a major increase it is a positive step in the right direction. Meantime, recent statistics also show that there has been a decline in the number of credit card delinquencies as well. Both of these numbers indicate that Americans may be learning how to better use their credit cards.

In fact, at just 2.44 percent, the number of delinquent credit card accounts in the first quarter of this year was far below the 15-year average of 3.82 percent. Meanwhile, the Federal Reserve Bank recently noted that only 8.5 percent of all credit card accounts were seriously delinquent in the first quarter this year. That represents the lowest total since 2003 when the Federal Reserve first began tracking those numbers.

Although these numbers represent positive signs that American’s are learning to better use their credit cards, there are still many people who need help getting out of credit card debt. If you are one of those people who are facing serious credit card problems, then you might want to speak with a bankruptcy attorney as soon as you can.

Source: The Washington Post, “Credit car debt is on the rise. Here's why that's not a bad thing,” Danielle Douglas, July 10, 2014.

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