Credit Card Debt Increases While Delinquency Rate Creeps Downward

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H E A LT H C A R E                          D E B T


Healthcare Cost                             Credit Card Debt Increases While Delinquency
Increases to Continue                       Rate Creeps Downward
at Double Digit Rates                           he drop in average credit card

    osts for the most popular types of
                                            T   debt in the first quarter of

C   healthcare coverage are projected
                                            2008 was temporary, as data from
                                            second quarter shows a slight
to increase at double-digit rates
                                            increase, according to a
through the remainder of 2008 and into
                                            TransUnion.com analysis of trends
2009, according to a national survey of
                                            in the credit card lending industry
insurers and administrators.
                                            for the second quarter of 2008.
   According to a survey released by
                                            National credit card debt per
Buck Consultants, which analyzed
                                            credit card borrower increased
responses from 79 health insurers,
                                            2.63 percent to $1,717 from the
HMOs and third-party administrators,
                                            previous quarter’s $1,673, and 8.6
costs for the most popular plans
                                            percent compared to the second
continue to increase by more than 10
                                            quarter of 2007 ($1,581).                     in the second quarter of 2008, down 12.6
percent and are slightly higher than the
                                               The highest state average card debt        percent over the previous quarter.
trends reported in Buck’s previous
                                            per credit card borrower was in Alaska at     However, on a year-over-year basis the
survey, conducted in late 2007.
                                            $2,494, followed by Tennessee at $2,109       national delinquency incidence rate has
   Health insurers reported an average
                                            and Alabama at $2,015. The lowest             risen 14.3 percent from 0.91 percent in
prescription drug trend of 11.4 percent,
                                            average credit card debt per credit card      the second quarter of 2007. Incidence of
down slightly from the 11.7 percent
                                            borrower was found in Iowa ($1,281),          delinquency was highest in Nevada (1.72
reported in th
				
DOCUMENT INFO
Description: Nationally, the ratio of credit card borrowers delinquent on one or more of their credit cards declined to 1.04 percent in the second quarter of 2008, down 12.6 percent over the previous quarter. However, on a year-over-year basis the national delinquency incidence rate has risen 14.3 percent from 0.91 percent in the second quarter of 2007. Incidence of delinquency was highest in Nevada (1 .72 percent), followed closely by Florida (1.34 percent) and Mississippi (1.30 percent). The lowest credit card delinquency incidence rates were found in North Dakota (0.59 percent), Vermont (0.68 percent) and Utah (0.70 percent). Quarterover-quarter delinquency incidence rates dropped across the board.
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