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Meanwhile, the rate at which consumers allowed their slightly delinquent accounts to fall 60 days or more behind on payments slipped once again in April, dipping to just 2.03 percent of all balances, the report said. That’s down from 2.14 percent a year earlier, and a low not seen in the past 17 years.
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In general, consumers have been far more conscientious in paying down their outstanding balances since the end of the recession, which has led to many having improved credit standings. During the economic downturn, millions could not make their payments on time and as a consequence, their credit scores declined significantly. Only recently have lenders begun opening new offers to these subprime borrowers.
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