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Average credit card debt, late payments fall

8:48 PM, May 21, 2013  |  Comments
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LOS ANGELES - Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt.

The rate of credit card payments at least 90 days overdue fell to 0.69 percent in the first quarter from 0.85 percent a year earlier - drop of nearly 19 percent, credit reporting agency TransUnion said Tuesday.

The January-March card delinquency rate was also down from 0.73 in the October-December quarter, when many consumers ramped up credit use to finance holiday season purchases.

Neither a 2 percent hike in Social Security payroll taxes that took effect in January, nor delayed federal income tax returns this year appeared to blunt borrowers' ability to manage their debt.

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If you've ever answered "Who has the ball?" with "It's halftime," you might recognize The Airhead. Check out the characters in our cartoon gallery of oddball fans.

Special Reports