One of the nation’s largest lenders and payment processors found that consumers took on more credit card debt but fell behind on payments less often between March and May.
In that three-month period, Discover Financial Services saw both the dollar value of purchases on its branded credit cards and the number of transactions it processed rise 5 percent, according to a report from the Associated Press. Consumers put some $26.1 billion on their cards during that time, and balances consequently grew 4 percent to a total of $46.6 billion overall.
However, the company also saw instances of both delinquency and default slip to all-time lows during this time, the report said. Accounts 30 days behind on payments fell to just 1.91 percent of all balances from 2.79 percent, and those so far behind they were written off as uncollectable fell to 2.79 percent from 5.01 percent.
Consumers who have more credit card than they can handle and end up falling behind on their bills may want to consider the benefits that seeking debt relief services can provide them.