Credit card debt falls alongside credit scores
News from Fox Business:

A robust holiday shopping season apparently led some Americans to delay extra debt payments during December, but that didn’t prevent the nation from ending on a high note. Despite a slowdown in debt payments at the end of 2011, all 50 states ended the year with less credit card debt than when the year began.

According to a recent report issued by CreditKarma.com, credit card debt declined 11 percent nationwide last year. However, it wasn’t all good news. Credit scores saw a decline during that time as well.

Average credit card debt at $ 6,576

Overall, the news on debt was positive for 2011. According to the report, debt loads in four out of five categories remained steady or declined:

  • Credit card debt declined 11 percent to an average of $ 6,576
  • Student loan debt declined 9 percent to an average of $ 26,272
  • Home equity debt declined 4 percent to an average of $ 47,905
  • Home mortgage debt held steady at $ 173,876…………… continues on Fox Business

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Credit card debt: Don’t forget the lessons from financial crash
News from Tulsa World:

Credit card debt dropped in 32 of the 36 months of 2009 through 2011 as cardholders spent less and issuers lowered credit limits, tightened approval guidelines and canceled risky accounts, says Bill Hardekopf, CEO of LowCards.com.

However, the Federal Reserve’s monthly G19 report shows consumer borrowing is again increasing – by $ 7.65 billion to $ 2.46 trillion in October, the biggest increase in two years. Credit card debt rose $ 366.2 million in October, while auto, mobile home and education loans increased $ 7.28 billion.

Credit card issuers are again filling the mail with offers – mostly to those with good to excellent credit. Everyone is receiving more card solicitations with attractive rewards and balance transfer offers.

We must not forget the past three years and the hardship large credit card balances caused us, Hardekopf says. Paying off debt wasn’t easy, and some of us still have debt problems and wonder what can really be done about it.

Total: Assess exactly what you owe for all credit card debts. It was easier to pay the minimums without looking at the totals, but misleading yourself only made things worse. Write down a debt summary including creditors, monthly paymen…………… continues on Tulsa World

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