For the past few years, consumer credit card debt has been at all time highs around the nation. As the economy begins to improve, other signs of consumerism begin to show signs of promise. One of these is the decrease in credit card debt among Americans. In some states, the rate of credit card debt is dropping faster than others.
Hopeful Trends
While the average Tampa bankruptcy case is not brought on strictly by high credit card debt, the fact remains that many Floridians are carrying burdening debt loads. As more people begin to take control of their finances and move towards debt relief, a new report suggests that the rate of default and overall debt load is steadily decreasing.
A study released by Credit Karma reports that the average credit card debt held among Florida residents fell by 22 percent this year. The average household debt from credit cards now stands at an average of $4,644, a near $1,300 drop from this time last year. Further findings include a $700 reduction in debt among Floridians from the national average.
Amy Leone, a Credit Karma spokeswoman commented on the study’s findings saying, “”The slowly improving job market has helped consumers find the income needed to manage their debt and concerns over the economy are keeping many consumers from spending too much extra money.”