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22/07/2011 -
Consumer credit continues to show strong value, as a recent report shows average credit card debt slid in the U.S. The trend may also be prompting Americans to rely on their credit cards to make purchases on basic necessities such as food and fuel.CreditKarma.com reported this month that average consumer credit card debt fell by 10 percent over the first half of 2011 and 17 percent from a year ago to reach $6,472. Student and auto loan debt have both increased this year, while home mortgage and equity loans declined.
"Economists are optimistic about the second half of 2011 as gas prices continue to drop and home costs level off," said Kin Lin, CEO of CreditKarma.com. "The data supports this trend, reflected by stable credit scores this year and consumers reducing their credit card debt."
The study also evaluated credit trends on a state level, finding California, Massachusetts, New Jersey, New York, Utah and Washington to have the highest average consumer credit scores.
Meanwhile, First Data reported this week that both gasoline and food purchases made on credit cards rose in June compared to a year ago, perhaps reflecting stronger consumer confidence.
