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Average credit card debt falls, but not everyone's doing well

For many people, the economic difficulties of the past few years have been a big wake-up call. When the recent recession was at its bleakest, many people in Ohio and around the country found themselves saddled with onerous credit card debt and a poor credit score.

Since that time, however, many people have righted their financial ships. In June, total credit card debt among U.S. residents dropped by about $2.7 billion. That means since the peak credit card debt period, which occurred in July 2008, overall credit card debt has fallen 16.5 percent.

In terms of per-person borrowing, the numbers are moving in a positive direction as well. Average credit card debt was at $4,971 per borrower for the second quarter of 2012; that figure for the same period this year was $4,965. While that is only a slight dip, it is hard to quibble with a decrease.

Of course, this does not mean that every consumer saw a dip in his or her credit card debt. Many people in Ohio still have trouble not just getting credit because of a poor credit score but have trouble with their expenses -- magnified by the fact that they have large amounts of interest and principal to pay toward their credit cards.

Even worse, for many people, the negative information on their credit reports might be there in error. In particular, some people find that debts that should have gone away as a result of a bankruptcy filing are still present. When this happens, an experienced credit restoration attorney may be able to help.

Source: CBS News, "Americans steadily digging out of credit card debt," Aug. 13, 2013

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