Late credit card payments by consumers remain at a high level. In addition to this article, also reference Credit Federal's prediction titled "Flood, Forests and Fuel".

Gasoline prices and rising interest rates appear to be placing the financial burden on consumers.

The American Bankers Associated reported Tuesday that the percentage of credit card accounts 30 or more days past due dipped slightly to 4.74% in the July-September quarter from an all-time high of 4.81% in the spring.

Despite this narrow decline, credit card debt delinquencies in the late summer and early fall were at the third-highest level on record.

Persistent interest rate increases by the Federal Reserve and high gas prices in the third quarter continued to dwindle personal budgets.

The Federal Reserve has increased interest rates 13 times since June 2004 with many economists believing that rates will go up another quarter point when the Fed next meets on Jan. 31. It would push the Fed's target for the federal funds rate, the interest that banks charge to make loans to other banks, to 4.5%.

But, if economic growth continues and gas prices reduce in the fourth quarter, it may free finances for consumers to pay credit card bills timely.

The Federal Reserve reported on Monday that consumer borrowing fell at an annual rate of $648.8 million in November after declining by a record annual rate of $8.4 million in October. It marked the first time borrowing had dropped for two consecutive months since May and June of 1992.

A large number of Americans rushed to file for bankruptcy in the fall before the new bankruptcy law changed to make filing more difficult. Of course, many people who filed bankruptcy will not be eligible for new credit and loans, which could affect lowered borrowing.

Personal savings has fallen to record lows as consumers become deeper in debt to finance their spending.

Calculate credit card payments required in order to payoff the balance within a time frame.