The amount that consumers owed on their credit cards in this year’s second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.
The average combined debt for bank-issued credit cards – including those with a MasterCard or Visa logo – fell to $4,951 in the three months ended June 30, down more than 13 percent from $5,719 in the same period a year ago, according to TransUnion.
The credit reporting agency said it was the first three-month period during which card debt fell below $5,000 since the first quarter of 2002.
More borrowers also made payments on time. The rate of cardholders past due by 90 days or more fell to 0.92 percent in the second quarter, from 1.17 percent last year.
Whitley’s Breyden grows in acquisition
Breyden Products Inc. on Tuesday announced its acquisition of the electronics division of Pennsylvania-based Gudebrod Inc. for an undisclosed sum.
The purchase will bring four tractor-trailer rigs of equipment to Columbia City-based Breyden, which employs 25.
Breyden makes products used to bundle electrical wires to companies that make military and commercial airplanes, helicopters, missiles and heavy-duty military trucks. Customers include BAE Systems, Boeing and Raytheon.
Mike Zuber, vice president and co-owner, was unsure Tuesday how jobs might be created as a result of the acquisition.
Breyden will need to expand its current location or buy another building to operate the additional equipment, he said.
Breyden, which had $5 million to $6 million in annual sales before the acquisition, is one of only two companies in the world that make the specialized parts, Zuber said.
Syracuse RV plant could bring 80 jobs
Redwood RV on Tuesday announced it has acquired a factory outside Syracuse for an undisclosed sum.
Henry DeJulia, Syracuse town manager, said he thinks the company will create about 80 jobs over the next year. Redwood officials couldn’t be reached for comment.
The 105,000-square-foot building on 30 acres in Elkhart County will allow room for growth, Redwood President Don Emahiser said in a prepared statement.
Syracuse-based Indiana Redwood RV is the luxury division of Thor Industries Inc., which was founded in 1980.
Jobless rates climb in area’s Ohio counties
Unemployment in Williams County of 13.5 percent for July placed it among the 10 counties with the highest jobless rates, according to figures released Tuesday.
Williams County ranked ninth of Ohio’s 88 counties. The 13.5 percent rate was slightly higher than the 13 percent for June of this year, but much lower than the 17.1 percent in July 2009, the state said.
In Defiance County, the July unemployment rate was 12.5 percent compared with 12.3 percent in June and 15.5 percent in July 2009.
Van Wert County had a 12.1 percent unemployment rate, about the same as 12 percent in June and down from 15.3 percent in July 2009. Paulding County’s July unemployment rate was 11.9 percent compared with 11.4 percent in June and 14.6 percent in July a year ago.
