The drop in credit card balances nationally since 2009 have had more to do with consumers paying down their card balances than from card issuers charging off delinquent card accounts.

That is the central conclusion of an analysis that TransUnion, one of the three large credit bureaus, conducted of consumer debt data collected by the Federal Reserve. The conventional wisdom among many card analysts was that charge-offs, not changes in consumer behavior, had been behind the national balance decline.

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