High gasoline prices blamed for record-high past-due credit card payments

The AP is reporting:

The percentage of credit card payments that were past due shot up to a record high in the second quarter as surging gasoline prices strained budgets and made it difficult for some people to pay their bills.

The American Bankers Association reported Wednesday that the seasonally adjusted percentage of credit card accounts 30 or more days past due rose in the April-to-June quarter to 4.81 percent. That followed a delinquency rate of 4.76 percent in the first quarter and was the highest since the association began collecting this information in 1973.

More evidence that the economy is slowing.With the new higher credit card minimums coming next month this is a story to watch.