These days more credit card customers are paying their bills on time than they have over the course of the last decade.

A report released earlier today by the American Bankers Association indicates that delinquencies on credit cards are currently at an 11-year low, with only 2.93 percent of credit accounts reported past due by 30 days or more. These figures come in substantially under the 3.91 percent 15-year average.

So, what’s with all of the newfound responsibility? Well, industry experts say it is because consumers today are growing more conservative in their finances since the collapse of the economy—borrowing less and striving to develop a more sound economic foundation.

And it should come as no surprise that with less borrowing comes fewer credit inquiries, as the Federal Reserve Bank of New York recently reported that consumer applications for credit dropped 22 percent since 2008.

Unfortunately, while consumers have been paying closer attention to their credit card debt, they are still coming up short in regards to personal loans, RV loans, property-improvement loans and auto loans, according to a report by the American Bankers Association.

Experts add that slow job growth and financial insecurity holds many challenges for consumers when it comes to managing their debt in the near future.


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