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By Ashish Rajan, CardTrak.com

The amount Americans are paying each month on their credit card bills continues to hover at record levels. After dipping in May, the average is now about 18.5% of the outstanding balance. One-year ago the monthly payment rate was about 17.3%. Approximately 42% of consumers pay-off credit card balances in-full each month, while 33% pay more than the minimum, according to a recent American Bankers Association survey. As a result of the steep rise in payments, the bank credit card industry has experienced sluggish growth in card loans. Most large issuers are posting growth around 3% to 4% per year in total credit card balances. The increase in the monthly payment rate has largely been attributed to debt consolidation via home equity loans. However, a significant portion is driven by cardholder behavioral changes due to penalty interest rates, universal default policies and rising fees.