Credit Card Debt Swells at Record Pace

More Americans than ever are delinquent on their credit card accounts, according to a new report from the American Bankers Association.

The association found that in the first quarter of 2009 the rate of consumer loan payments at least 30 days late rose to 3.23 percent from 3.22 percent in the 2008 fourth quarter.

The main culprit seems to be climbing unemployment and the fact that many are forced to turned to credit cards to pay bills for essential items, such as utilities and groceries.

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Source:

USA Today: Consumers Falling Behind on Loans at Record Pace