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News Now

CU System
Late fees have dropped says report
CHICAGO (8/26/11)--Late payments to credit cards are at their lowest level in 17 years; however, one reason late payments have declined is because consumers being more cautious in using their cards, a study indicates. The rate of payments 90 days or more past due dropped to 0.06% during second quarter, compared with 0.92% during second quarter 2010, said TransUnion, a Chicago-based credit reporting agency (CardRatings.com Aug. 25). Economists had forecast that the late payments would decline, but the decline during the quarter was faster than expected, said TransUnion. During the last quarter, the average borrower's debt rose $20--to $4.699 per person.


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