Credit card delinquency rate jumps

NEW YORK - Credit card holders who might have used tax refunds to pay down balances apparently spent the money elsewhere as the recession deepened in the first quarter.

That's one conclusion that may be drawn from data showing the delinquency rate for bank-issued credit cards rose 11 percent in the first three months of the year, according to credit reporting agency TransUnion.

The delinquency rate - card holders who are three months past due - jumped to 1.32 percent this year, from 1.19 percent in the first three months of 2008, TransUnion said.