The credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) dropped on a yearly basis from 1.51% in Q1 2013 to 1.37% in Q1 2014, according to the latest TransUnion Industry Insights Report.

"We generally see lower credit card delinquency rates and balances in the first quarter of the year as many consumers pay down credit cards that they charged up during the holiday season," said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. "Some consumers who receive tax refunds near the end of the first quarter also use these funds to help pay off debts, including their credit cards."

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