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Overdue credit cards hit 11-year low in Q2

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By The Associated Press
Saturday, Oct. 6, 2012, 12:01 a.m.
 

A report is showing that more Americans are keeping up with their credit card payments.

The American Bankers Association says the percentage of bank-issued credit cards that were 30 days or more overdue fell to an 11-year low in the second quarter. That occurred as consumers keep a tighter grip on their finances amid economic uncertainty.

But the association says delinquencies rose on home-equity loans, home-equity lines of credit and home improvement loans in the April-June quarter. The association notes that it will take time for the recovery in the housing market to be reflected in lower delinquency rates.

Credit card delinquencies in the second quarter fell below 3 percent of total accounts for the first time since 2001, reaching 2.93 percent. That's down from 3.08 percent in the first quarter.

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