Some statistics that were recently reported on by CNN Money indicate that the U.S. saw some interesting debt-related trends in 2011. The statistics are from CreditKarma and they regard the U.S. consumer debt averages for certain types of debt in 2011.
According to the statistics, the average amount of credit card debt held by consumers in the U.S. went down between 2010 and 2011. Reportedly, in 2011, the average credit card balance of consumers in the U.S. was $6,576. In 2010, this number was at $7,404. Thus, the average credit card balance of U.S. consumers dropped about 11 percent between 2010 and 2011.
According to the statistics, in 2011, all 50 states saw a drop in their individual consumer credit card debt average.
Thus, the statistics indicate that credit card debt went down in the U.S. in 2011.
The statistics indicate that the U.S. saw a much different trend when it comes to auto loan debt. Reportedly, in 2011, the average amount of auto loan debt held by U.S. consumers was $15,504. This reportedly is 2 percent higher than the U.S. consumer auto loan debt average from 2010. Thus, the statistics indicate that auto loan debt went up in 2011.
The above-mentioned debt trends from 2011 give rise to some questions. What caused average credit card debt to fall and average auto loan debt to rise in the U.S. in 2011? What impacts have these trends and their causes had on consumers? Are these trends a good or a bad sign? Will these trends continue in 2012? It will be interesting to see how these questions are ultimately answered.
Source: CNN Money, “Credit card debt drops 11%,” Blake Ellis, Jan. 17, 2012