More people are paying down their credit card balances. AP reported that the amount consumers owed on credit cards in the second quarter “dropped to the lowest level in more than 8 years.” According to figures provided by TransUnion, the average combined debt for bank-issued credit cards dropped to just under $4,951 in the three months ended June 30 – that’s down more than 13 percent from $5,719 in the same period a year ago.

Ezra Becker, director of consulting and strategy in TransUnion’s financial services unit said more borrowers are making on-time payments, and the rate of cardholders past due by 90 days or more also fell .92 percent down from 1.17 percent last year.