NEW YORK — The amount 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 — like 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.

Besides paying down debt, consumers are getting fewer new cards. Nationwide, the number of new accounts opened dropped almost 6.5 percent from last year.

WASHINGTON — Federal regulators are moving to make it easier for shareholders to nominate directors of public companies, a major change long sought by investor advocates and buttressed by the new financial overhaul law.The action by the Securities and Exchange Commission will allow groups that own at least 3 percent of a company's stock to put their nominees for director on the annual proxy ballot sent to all shareholders.Getting their candidates on the board gives them a better shot at influencing company policy. It likely will be in place in time for next spring's corporate elections season — and observers say it may be used to target boards of some companies.The five-member SEC was expected to adopt the change at a meeting today.

WASHINGTON — U.S. safety officials are investigating whether gas tanks on Jeep Grand Cherokees can cause fires in rear end crashes or rollovers.The preliminary investigation, begun Monday by the National Highway Safety Traffic Administration, is the first step in determining whether a recall of the popular Chrysler SUV is necessary. The investigation covers three million Grand Cherokees from model years 1993 to 2004.Advocacy group Center for Auto Safety has asked NHTSA to review whether the gas tank's position below the rear bumper and behind the rear axle could cause fuel to spill if the SUV were struck from behind.In rollovers, a lack of proper shielding for the plastic tank could cause it to puncture, the group said. The neck of the fuel tank could also tear off.While the agency has not reached any conclusions, an initial review of crash data submitted by auto manufacturers showed that the Grand Cherokee did not have significantly more fires after crashes than other vehicles, NHTSA said.NHTSA has found 44 Grand Cherokee crashes and 55 deaths since 1992 where fire was listed as the most harmful factor.Of those figures, 10 crashes and 13 deaths were most likely associated with rear end crashes, the federal safety agency reported.By The Associated Press