Recently, the Jacksonville Business Journal reported on some interesting debt-related statistics. The statistics are from Credit Karma, a consumer credit management company. The statistics regard average consumer credit card balances and average credit scores in Florida and the nation as a whole.
The statistics indicate that average consumer credit card debt has dropped in Florida. Reportedly, in November of this year, the average consumer credit card balance in Florida was $6,588. This reportedly is 11.5 percent lower than the average consumer credit card balance in Florida a year ago.
Reportedly, the nation as a whole also saw a drop in average consumer credit card debt. Reportedly, the average consumer credit card balance in the United States has dropped 10 percent between January 2011 and November 2011.
The statistics also indicate that Florida’s average consumer credit score has worsened. Reportedly, Florida had an average consumer credit score of 652 in November of 2011. This reportedly is a 4-point drop from 2010. Reportedly, the average consumer credit score of the nation as a whole also dropped in November.
Thus, these statistics appear to indicate that Florida and the nation as a whole are seeing trends of falling consumer credit card debt and falling consumer credit scores. These trends give rise to a couple of important and intriguing questions. What is causing these trends to occur? What effects will these trends and their causes have on consumers in Florida and the rest of the nation? It will be very interesting to see how these questions are ultimately answered.
Source: Jacksonville Business Journal, “Florida’s credit card debt declines,” Michael Clinton, Dec. 14, 2011