Americans continued to cut back on credit card debt and reduce late payments in the third quarter, according to a new report from TransUnion.

Borrowers' average credit card balance fell to $5,235 in the third quarter, a 1.3% decline from the same period in 2012. Consumers were also more likely to pay their bills on time. The national credit card delinquency rate dropped to 1.36% in the third quarter, down 14 basis points from the same period a year ago.

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