Quarterly credit card payment rates dropped for the first time in five years, as did one-month excess spread numbers. Yet the numbers did not revive concerns about whether consumers are finally becoming overwhelmed with debt.

According to the latest assessment by Moody's Investors Service, credit cardholders paid back 19.27% of their balances in the first quarter of 2007, down from the first-quarter 2006 rate of 19.56%. It was also the first year-over-year decrease in the quarterly payment rate after 17 consecutive quarters of improvements, according to the rating agency.

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