Credit card debt among consumers with at least one account dropped 15% nationally in February to $7,168, with every state lowering its credit card debt, according to CreditKarma.com, a San Francisco-based company that tracks credit scores and household debt.
Consumers in 11 states dropped their balances more than the national average including: Wisconsin, 36%; Idaho, 22%; Arkansas, Hawaii, Nevada and Rhode Island, 18% each; Tennessee, 17%; and Indiana, Michigan, Minnesota and Massachusetts, 16% each. Montana and Louisiana lowered their credit card debt the least amount at 7% each.
The average consumer credit score also dropped, down two points to 665 from January and down four points from February 2010. Massachusetts, New Jersey and California have the highest credit scores at 684, 683 and 682. Mississippi has the lowest credit score at 631. Nine states have a credit score below 650, which is considered poor: Alabama, Arkansas, Kentucky, Louisiana, Oklahoma, Mississippi, South Carolina, Tennessee and West Virginia.
The average consumer with an account:
* Decreased home mortgage debt 4% to $171,969 since February 2010
* Decreased home equity debt 7% to $48,855 since February 2010
* Increased auto loan debt by 2% to $15,171 since February 2010
* Increased student loan debt by 8% to $29,151 since February 2010
The February 2011 report also revealed that student loan debt saw the biggest increase in the Midwest at 11%, while the Northeast and the South tied for the largest increases in auto loans at 3%. Mortgage loan debt decreased the most in the West by 6%, followed by the South at 3%, the Northeast by 2% and the Midwest by 0.5%.
CreditKarma.com's 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. The February 2011 report includes a comparison of nearly 181,000 CreditKarma.com user scores.
