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Even so, many remain careful about how they manage their debt. Average credit card debt per borrower fell 1.7 percent to $4,878 in the first quarter from $4,962 in the same period last year, TransUnion said. On a quarterly basis, it declined 4.8 percent from $5,122 in the fourth quarter. TransUnion, however, has forecast that average credit card debt will rise by roughly 8 percent to $5,446 by the end of this year
-- the highest level in four years. Meanwhile, the number of new credit card accounts opened by consumers continued to decline as 2012 drew to a close. The data lags by a quarter, so the latest TransUnion figures cover the October-December period. They show that the number of new credit card accounts fell 1.6 percent from the same period in 2011. The share of cards issued to borrowers with less-than-sterling credit slipped to 28.1 percent from 28.4 percent a year earlier. That's still above the 27.7 percent share in the fourth quarter of 2010, however. In the VantageScore credit rating scale, consumers with a score lower than 700 on a scale of 501-990 are considered non-prime borrowers.
[Associated
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