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U.S. Residents Cut Credit Card Debt

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NU Online News Service, Dec. 4, 2003, 12:11 p.m. EST – The average U.S. resident now carries $2,294 in credit card debt, down from $3,250 in 2002, according to survey results released by Inc., Rockville, Md., a nonprofit credit counseling service.[@@]

The service found that the average credit card debt load ranges from $1,208 for Americans between the ages of 18 and 24 to $3,846 for Americans between the ages of 35 and 44.

When Myvesta broke survey results down by region, it found that Midwesterners carried the lowest credit card debt load, with an average of $1,712. Northeasterners, who had the highest credit card balances, averaged $3,527 in card debt.

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Although the average balance for all U.S. consumers has fallen, the average debt load for consumers seeking Myvesta credit counseling services has increased to $77,036 this year, from $52,210 in 2002, Myvesta says.

The results suggest that Americans who are having financial problems are sinking even deeper into debt, Myvesta says.