Gas prices dropped 7-tenths of a cent overnight to $2.604, the 16th straight day of declines.

Andrew Torgan
CNN Financial News Producer

Soaring unemployment and an economy mired in recession drove delinquencies on credit card debt to an all-time high in the first quarter as a record number of Americans fell behind on their bills.

Fallout from the battered housing market caused the rate of consumer loan payments at least 30 days late to rise to 3.23 percent in the January-to-March period, the American Bankers Association said.

Delinquencies were the highest since the ABA began tracking the data in 1974. And delinquencies on the value of all card debt soared to a record 6.60 percent from 5.52 percent in the fourth quarter.

Higher minimum wage coming

The federal minimum wage is set to increase later this month as the job market shows signs of further decay.

The federal minimum wage will go to $7.25 an hour on July 24 from its current level of $6.55, according to the Labor Department.

The impact will be felt in 29 states, and many plan to match the federal minimum when it goes through.

Seven states already have laws mandating $7.25 minimum pay, while 14 states and the District of Columbia exceed the new minimum. Employers are required to pay whichever is the highest - federal or state.

Gas prices keep dropping

Gas prices dropped 7-tenths of a cent overnight to $2.604, the 16th straight day of declines.

In the last 16 days, the average price has decreased 8.9 cents, or 3.3 percent. The average price of a gallon of gas is also down $1.51, or 36.7 percent, from the record high price of $4.114 that AAA reported on July 17, 2008.

The highest gas prices are in Hawaii ($3.293). The cheapest are in Missouri ($2.371).

Dillinger's derringer up for auction

Legendary bank robber John Dillinger is becoming even more notorious thanks to Johnny Depp, who portrays him in the new movie "Public Enemies." That resurgence in Dillinger's public profile could mean tidy profits for a pair of gun owners later this month.

Dillinger's derringer, a miniature pistol that was found in the outlaw's sock when he was arrested in 1934, is going up for auction on July 25 and is expected to fetch $45,000.

Meanwhile, the gun that felled Dillinger, one of America's most notorious criminals, could bring in $12,000 when it goes on the block on July 22 - the 75th anniversary of Dillinger's death.