R.I. posts highest increase in credit card debt

Rhode Island was on par with the low national credit card delinquency rate but had the highest rate of debt increase in the second quarter of 2013, credit analysis company TransUnion reported Tuesday. More

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R.I. posts highest increase in credit card debt

BLOOMBERG FILE PHOTO/DAVID PAUL MORRIS
CREDIT CARD DEBT increased more in Rhode Island than any other state in the second quarter of 2013.
Posted 8/13/13

CHICAGO, Ill. – Rhode Island was on par with the low national credit card delinquency rate but had the highest rate of debt increase in the second quarter of 2013, credit analysis company TransUnion reported Tuesday.

The credit card delinquency rate, or the rate of borrowers 90 or more days past due, was 0.57 percent in both Rhode Island and the nation in the second quarter.

The national rate represented a 9.5 percent drop from the second quarter last year, when the rate stood at 0.63 percent. Both were lower than the average delinquency rate for the second quarter since 2000 of 1.07 percent.

The all-time national low delinquency rate, set in the second quarter of 1994, was 0.56 percent. The historical rate for Rhode Island was not reported.

At $5,102, average credit card debt per borrower in Rhode Island remained close to the national average of $4,965. However, the Ocean State posted the largest year-over-year increase in that figure, rising 3.1 percent from $4,949 in the second quarter of 2012.

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