College of Charleston economist Frank Hefner said the drop in delinquencies can be partly explained by Americans’ reaction to the depth of the recession by paying down and then staying away from consumer debt. He also said the tightening of credit standards, more intense government monitoring of lenders and the heightened risk aversion of big banks comes into play.

http://www.charlestonbusiness.com/news/35711-credit-card-balances-defaults-drop-across-south-carolina?rss=0