Times may have been tough on our wallets over the years, but somehow despite a recession and its ensuing after-effects, Americans have become a lot better at making their credit card payments on time. The amount of delinquencies on credit cards issued by banks is at its lowest level since 2001, according to a new report from a banking group.

According to a report by the American Bankers Association, in this year’s second quarter there were only 2.93% of all bank account cards that were seen as delinquent, which is 30 or more days overdue. That’s a nice tidy drop from 3.08% in the first quarter and even better when compared to the 15-year average of 3.91%.

Reports CNNMoney:

“Consumers are saving more and borrowing less as they work to pay down debt at a faster rate,” said James Chessen, a chief economist at the American Bankers Association. “Economic uncertainty has made consumers hesitant to take on new debt, and building a stronger financial base has become a priority.”

However, notes the report, even as we cut down on credit card debt or simply stop using credit cards, we’re not being so responsible with other types of credit. For example, delinquencies are increasing for any kind of personal loans we’re taking out — from homes to auto loans.

In other words, we’ve still got a long way to go — especially with worries about jobs still quite prevalent, which can cause a dip in consumer confidence — but hey, high five for paying your credit card payments! It ain’t always easy.

Credit card delinquencies drop to 11-year low [CNNMoney]

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