Consumer credit card debt held steady in the first quarter with U.S. consumers paying down card debt by less than 1%, according to a report released today by Credit Karma Inc.
Nationally, consumers maintained an average credit score of 669 from Jan. 1 through March 31, although scores varied in different regions. In Miami and Houston, consumers’ average credit scores rose five points through the first quarter, while Denver consumers’ scores rose four points. Seattle consumers’ average credit scores fell five points during the first quarter.
Consumers in South Carolina saw the biggest increase to their credit scores among state, improving four points to 650. Despite the jump, South Carolina is still 19 points below the national average. Consumers in Missouri had the biggest decrease in their score, down six points to 657.
In March, the average consumer with an open card account carried $8,010 in credit card debt, down 3.2% from $8,280 in February. The averages for other debt types included $179,810 in home mortgage loans, $52,085 in home-equity loans, $14,898 in auto loans and $27,456 in student loans. In February, those numbers totaled $179,435 in home mortgage loans, $52,431 in home-equity loans, $14,949 in auto loans and $26,961 in student loans.
“Credit card utilization and credit scores go hand in hand,” says Ken Lin, CEO at Credit Karma, a San Francisco-based company that tracks credit scores. "Despite the volatility in credit scores in much of 2009, credit scores appear to be stabilizing in 2010 as consumers maintain their finances and avoid adding additional debt.”
Colorado and Hawaii consumers have the highest amount of credit card debt. On average, consumers with a credit card in both states carried a balance of more than $9,200.
Each month, Credit Karma compares the current debt levels and credit scores of its user base of some 99,500 consumers with data from previous months. Data are pulled at least 30 days and no more than 90 days before the stated month.
