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Consumers paid down credit card debt and their credit scores remained stable in August, according to a recent report by Credit Karma Inc., a San Francisco-based company whose Web site tracks credit scores.
The average consumer had $6,775 in credit card debt last month, a decrease of 63 basis points from $6,818 in July. A basis point is one-hundredth of a percentage point. The average consumer credit score remained unchanged month to month at 673.
After three months of relative consistency, consumers 45 to 64 years old are beginning to pay down credit card debt, according to the study. In June and July, this age group had more than $10,200 in credit card debt, compared with approximately $9,530 in August.
Nationally, 37% of consumer credit scores increased in August compared with 37% that did in July, according to data from approximately 55,000 Credit Karma user scores. Some 34% of consumers' credit scores remained the same in August compared with 35% that did in July. Also, 29% of consumers' credit scores decreased in August compared with 28% that did in July.
Chicago led all metropolitan areas with the highest percentage of increasing credit scores in August at 40%. Some 29% of Chicago consumers' credit scores decreased, and 31% stayed the same. Denver had the highest percentage of credit scores that decreased in August at 34%. Some 35% of Denver consumers' credit scores increased, and 31% stayed the same.
