Consumer debt decreased in 2011

17 01 2012

Great news, credit card debt decreased by 11% last year!

According to a recent article from CNN Money, the average credit card balance in 2010 was $7,404 and in 2011 this dropped to an average of $6,576.

Ken Lin, CEO of Credit Karma (a credit tracking and financial education website that provided this data) believes this decrease is due to low consumer confidence that has deterred overspending.

Unfortunately some feel that as the economy continues to improve, this decrease in spending will not continue. I encourage you to continue to spend wisely. As the economy begins to trend upward, take that opportunity to continue to live within your means and save the excess. Establish healthy spending habits!

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