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14/12/2011 -
While credit card processing and transaction volumes have been on the rise in recent months, consumers have also been scaling back the amount of debt they're willing to incur, alluding to greater consumer parsimony in the wake of the economic downturn.According to a November's Credit Score Climate Report by CreditKarma.com, national credit card debt has fallen by nearly 10 percent since January and now stands at $6,503. The report also found all 50 states reduced their respective volumes of credit card debt.
"While it's a good sign that credit card debt is down since the beginning of the year, this trend is not likely to continue as the holiday season progresses and more consumers put their purchases on their credit cards," said Ken Lin, CEO of CreditKarma.
California, New Jersey, Massachusetts and Utah rounded out the top of the list of the states with the highest credit scores in November. Mississippi, South Carolina and Arkansas had the lowest.
Last week, First Data reported in its monthly SpendTrend report that, despite the launch of the 2011 holiday shopping season, growth in the use of debit cards outpaced that of credit in November.
