Average Payment Rates

Average payment rates on credit cards are a very telling statistic. And the amount that consumers paid on their card balances in November dropped like a rock to a record low. Generally the average payment rate is approximately 19%, including those who pay their balances in full each month as well as those who only pay the minimum amount due. In November, this number collapsed below 16%, the largest one month drop ever. This is a result of a confluence of factor including the credit squeeze and the impact of job losses on the economy.

08_11-avg-payment-rates

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s