A comparison of credit card debt shows that consumers in all 50 states reduced their outstanding balances last year, with averages falling 11% to $6,576 in December compared to December 2010, according to CreditKarma.com, which on Tuesday released its U.S. Credit Score Climate Report.
But a review of monthly trend data reveals that only nine states paid down their credit card debt in December compared to November - six by 1% or less (Arizona, Idaho, Indiana, Michigan, Oklahoma and Utah). Alaska, Mississippi and Nevada lowered their credit card debt 2% in December compared to November, to $7,937, $5,275 and $6,145 respectively.
The states that saw the biggest month-over-month increases in credit card debt include:
* Delaware and Rhode Island - up 5% to $7,423 and $6,388
* Arkansas and New Hampshire - up 4% to $6,300 and $7,748
* North Dakota and South Dakota - up 3% to $6,159 and $7,008
Nationally, credit scores fell eight points since last year to 660. California (679), Massachusetts (679) and New Jersey (679) continue to tie for the best credit scores in the nation. They are followed closely by Washington at 675 and New York at 674. The states with the lowest credit scores include Mississippi (622), Louisiana (635), Arkansas (635), South Carolina (635) and West Virginia (637).
In 2011, the average consumer with an account:
* Kept home mortgage debt steady at $173,876
* Decreased home equity debt by 4% to $47,905
* Increased auto loans by 2% to $15,504
* Decreased student loan debt by 9% to $26,272
Each month, CreditKarma.com compares the current credit scores of its user base with previous scores pulled at least 30 days earlier and no more than 90 days earlier to the stated month. This month's report includes a comparison of more than 321,209 CreditKarma.com user scores.
