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Average credit card debt up in latter half of last year, which may prompt some to consider a debt management plan
01/14/2010
According to a recent report, credit card debt increased nationally 18 percent during the second half of last year.
The data from Credit Karma shows that the average amount of debt a consumer carries on their credit card was $8,079 at the end of 2009. Average credit scores also declined by two points in the second half of the year, while the average score was reported at 671.
On a state-by-state basis, Indiana saw one of the largest increases in credit card debt at 39 percent. Oklahoma saw debt increase 32 percent, while Tennessee's went up 34 percent. Both Michigan and Pennsylvania saw credit card debt rise 30 percent.
Ken Lin, CEO for the company, said that 2009 was particularly difficult for a number of consumers, especially given the unemployment rate and trying to shop for the holidays.
"After several months of paying down credit card balances, many consumers were forced to turn to credit cards towards the end of the year," Lin said.
Though many consumers may have tried to shy away from credit cards during the holidays, others may have not been as careful. One thing those with credit card problems may consider is a debt management plan, which may help them pay down what they owe on plastic and keep creditors at bay.
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