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Website data shows people paying off credit card debt, while those unable to do so may consider debt consolidation
By Edith Barlow on Feb 11th, 2010
New figures show that consumers are working on trying to eliminate their credit card debt.
According to card-comparison website IndexCreditCards.com, the average amount of revolving debt an adult in the country has is $3,752. That has dropped since a July report from the company showed that the average was $4,013.
Furthermore, household revolving debt also declined from $7,861 to $7,394. Adam Jusko, founder of the website, said that debt is decreasing because consumers are spending less while lenders are closing accounts.
"Combine less spending with fewer cards in consumers' hands, and it's no surprise that debt levels are decreasing," Jusko said.
The results from the site are supported by numbers released recently from the Federal Reserve Board which show that revolving consumer credit declined by 9.5 percent in 2009.
Though some consumers may be finding ways to reduce the amount they own through credit card debt, others may not be as lucky, especially as they see interest rates climb.
However, some people may consider debt consolidation as an option for dealing with high interest rates. Along with reducing the number of bills a person has to deal with, debt consolidation could bring a reduction rates on credit card debt.
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