Savings Account & MMA Rates
CD (Certificate of Deposit) RatesA new report by TransUnion says we’ve cut the amount we owe on our credit cards to the lowest level in more than eight years.
The average combined debt for bank-issued credit cards – typically Visa and MasterCards — fell to $4,951 by the end of June, down 13% from $5,719 in at the end of June 2009.
Those balances range from a high of $7,148 in Alaska, to a low of $4,753 in Alabama.
The credit reporting agency said it was the first time our combined credit card debt had fallen below $5,000 since early 2002.
The optimistic spin to put on this is that we’re all making a determined effort to pay down our balances. And there’s undoubtedly a lot of truth to that.
But you can’t ignore the fact that at least some of the decline was due to all of the bad credit card debt the banks have written off this year.
Click here to read more about the latest report on credit card debt.
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