Credit Card Debt Reaches 8 Year Low

In the second quarter this year, the amount owed by consumers on their credit cards fell to a low we have not seen for more than eight years. In this uncertain economy, those with credit cards went right along paying off their balances.

In the three months ending on June 30th, the combined debt (on average) for credit cards issued by a bank - for example those including a Visa or MasterCard logo - fell more than 13 percent, from $5,719 same time last year to $4,951, as is reported by TransUnion.

Reporting on credit, the agency said this was the first quarter in which they saw card debt decrease under five thousand dollars since the first three months of 2002.