average CC debt down (but still high)

[feh]

It's good to see CC debt decreasing, but the average balance is still $6600!!

Holy cow!

Credit card debt slips 11% in 2011 - Jan. 17, 2012

[disneysteve]

I actually read something just recently that the figure was actually ticking up again. I guess holiday spending did that. As consumer confidence grows, so does debt.

[bjl584]

Originally Posted by disneysteve

I actually read something just recently that the figure was actually ticking up again. I guess holiday spending did that. As consumer confidence grows, so does debt.

My confidence tends to grow as my net worth increases. It seems backwards to me that confidence sparks an increase in debt. But, most people don't save and invest a large portion of their income either.

[disneysteve]

Originally Posted by bjl584

It seems backwards to me that confidence sparks an increase in debt.

When people feel their job/income is unstable and the economy is struggling, they pull back on their spending. Alternatively, when people are satisfied and secure in their employment and see a rosy outlook, they are more likely to spend.

[herdjohnson]

That average $$$ figure blows my mind. I had less than half of that in CC debt and that was a huge signal to me that I had to get spending under control. I wouldn't be able to sleep at night with that much high interest debt.

[GREENBACK]

When they refer to the balance are they talking about a revolving number or a monthly figure? My monthly balance occasionally runs up to 4 or 5 thousand in a single month but I pay it when it's due. Are they counting those of us who run it up every month and then pay it in full?

[red92s]

Don't suppose they happen to factor out the amount of credit card debt that people have had balances written down on, or defaulted on? Just because the numbers are lower, does not mean everyone was paying them off.