U.S. Credit Card Repayments Hit Record High

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00007425-us-credit-card-repayments-hit-record-high/

NEW YORK – U.S. consumers paid back credit card debt at record levels in August, a sign that most Americans have been managing their high debt burden, Moody’s Investors Service said on Tuesday.

Credit cardholders on average repaid their account balances at a rate of 17.16 percent in August, surpassing the previous high of 15.63 percent set in August 2003, the credit ratings agency said.

“The payment rate has increased from its year-earlier levels for the past 15 consecutive months, demonstrating an improvement in cardholders’ willingness and ability to make payments on their credit card debts,” Moody’s said in a statement.

Federal Reserve Chairman Alan Greenspan concurred with that assessment in a speech to a group of community bankers in Washington on Tuesday.

For this complete story, please visit U.S. Credit Card Repayments Hit Record High.

U.S. Credit Card Repayments Hit Record High

Unknown Author

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