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Consumers Continue to Make More On-Time Credit Card Payments

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Consumers Continue to Make More On-Time Credit Card PaymentsSince 2007, all of the 30 largest metropolitan statistical areas in the country have shown improvements in the rate of 60-day credit card delinquencies, but the cities of Cleveland, San Antonio, Cincinnati, Dallas and Houston took the largest strides, according to a new report from the credit monitoring bureau Experian. The former three cities all checked in with improvements of more than 30 percent, while the latter two were the only other ones with rates of better than 28 percent.

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“In looking at the numbers, we’re seeing that even in the cities at the bottom of the list, consumers are meeting their bankcard payment obligations better than before the recession,” said Michele Raneri, vice president of analytics for Experian. “While the Experian data shows an overall improvement to these 60 day delinquencies, as much as a 30 percent improvement is seen in the key Texas cities, which is a positive sign in what has been a slow economic recovery.”

Miami, Phoenix and Tampa, respectively, were at the bottom of the list, the report said. Miami’s improvement of 1.4 percent was the national low, a full point behind Phoenix’s 2.4 percent. Tampa saw an improvement of 5.3 percent.

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But the rate at which consumers continue to pay their credit card bills on time is expected to continue improving into the next several months at least, according to a report from Fitch Ratings.

“Consumers are curtailing spending and charging less while at the same time cleaning up their household balance sheets,” said Fitch managing director Michael Dean.

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