Credit Card Debt Inches Upward in Q3, According to CreditKarma.com
Credit Scores Down Four Points in Quarter-Over-Quarter
(firmenpresse) - SAN FRANCISCO, CA -- (Marketwire) -- 10/12/11 -- CreditKarma.com, the consumer's credit advocate, today released its U.S. Credit Score Climate Report with trend data for Q3 2011. Nationally, credit card debt increased one percent to $6,513 with 26 states increasing their credit card debt and 24 paying down debt. States with the largest increases and decreases include:
Vermont - up six percent quarter-over-quarter
Wisconsin - up five percent quarter-over-quarter
Mississippi - down six percent quarter-over-quarter
Utah - down seven percent quarter-over-quarter
"With back-to-school shopping and the upcoming holidays, credit card debt is starting to creep up -- a trend that could continue with the new debit fees many banks are starting to implement," said Ken Lin, CEO of CreditKarma.com. "Consumers may turn to their credit card more often to avoid the fees and rack up more credit card debt when they don't pay in full each month as a result."
In September, the average consumer with an account had:
$174,137 in home mortgage loans - up one percent quarter-over-quarter
$47,361 in home equity debt - down .4 percent quarter-over-quarter
$29,939 in student loans - stable quarter-over-quarter
Credit scores fell four points nationally during the third quarter to 663 with 22 percent of states posting a credit score of 650 or lower, which is considered poor. These states include Mississippi (626), South Carolina (638), Alabama (639), Arkansas, Kentucky, Louisiana and West Virginia (640), Oklahoma (646), Maine and Tennessee (648) and Wyoming (649).
Other key findings include:
Connecticut, New Jersey and Wyoming have the highest amount of credit card debt at $7,666 while Wisconsin ($4,903), Mississippi ($5,575) and Utah ($5,768) have the lowest amount.
California ($315,999), Hawaii ($300,670) and Maryland ($240,084) posted the highest amount of mortgage debt. The states with the least amount include West Virginia ($103,050), Oklahoma ($106,504) and Mississippi ($108,301).
Students in Maryland, Illinois and Massachusetts carry the highest amount of student loan debt at $33,359, $33,216 and $32,841 respectively, while students in Utah, Nebraska and Kentucky carry the least at $21,920, $25,440 and $26,559.
Each month, the CreditKarma.com U.S. Consumer Credit Score Climate Report compares the current credit scores of its user base with previous scores pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report includes a comparison of more than 272,341 CreditKarma.com user scores.
CreditKarma.com is a completely free credit management service that provides free credit scores, personalized savings recommendations, and financial education. We believe free access to one's credit score is a fundamental consumer right. CreditKarma.com helps more than 3 million consumers realize the everyday cost savings of having a good credit score. Visit us at .
Jessica Swain
Atomic PR on behalf of CreditKarma.com
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Datum: 12.10.2011 - 12:00 Uhr
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