BIRMINGHAM, Ala.-It appears that consumers are still working hard to repair their personal balance sheets, as more Americans are paying their credit card bills on time as well carrying less of a balance.

Bill Hardekopf, CEO of LowCards.com, reports that according to figures from recent regulatory filings, credit card delinquencies-payments late by at least 30 days-decreased for each of the top six credit card issuers in May. Also, default rate declined that same month for five of the six top issuers.

"These latest figures show that both banks and consumers have learned from the painful lessons of the recent recession," said Hardekopf. "Consumers are wise to pay down their debt and do so on time.

"A recent TransUnion study showed the average credit card debt per borrower decreased 4.7% or $242, from $5,204 in the fourth quarter of 2011 to $4,962 in the first quarter of 2012.

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