Good job, America. You are being most excellent at paying your credit card bills and paying them on time. LowCards reports that credit card default and late payment levels fell once again in April to their lowest since 2008. The reasons why are pretty obvious:

After the economic meltdown, lenders canceled credit lines on (what they perceived as) their riskiest borrowers, reduced credit limits, and tightened standards — or actually started using some standards, some would say — for new applicants. That got a bunch of people who weren’t doing a good job of paying their credit card bills out of the system. Meanwhile, consumers entered into a new austerity mode and made saving money and paying down debt, rather than going on plastic swiping sprees, a priority. These two forces coming together from both ends combined to reduce default and late payment levels.

So enjoy your cookie, America! Just make sure you pay for it in cash. Oh you thought there was a free cookie? Guess you didn’t read the terms and conditions closely enough.

Credit Card Defaults and Late Payments Drop Again [LowCards]

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