8 Year Low for Credit Card Debt

I am not sure if I am at a 4 year high with my credit card debt or a one year low. Four years ago I was debt free other than my car loans and mortgages and now I have over $100,000 in credit card debt added into the mix.So I guess this point of view depends on how you perceive things. Are you a the glass is half full or half empty kind of person? I am a the glass is half full kind of person. So, I would have to say I am at a one year low since I have paid off approximately $20,000 of debt this year down from an all time high last year and it looks like others are right there along with me.

More and more consumers are paying off their credit card debt as it has fallen to an 8 year low. Delinquencies are down right along with the debt. According to TransUnion, credit card debt has fallen $4,591 or 4.1% during the second quarter.

With so much economic uncertainty consumers are paying down their debt and delinquencies are continuing to decline. I wish it were happening because it's the right thing to do and this should be happening anyway, but it's in fear of unemployment and the economy that is driving this trend.

It's my hope that there are some big lessons learned out of this economic mess, but unfortunately I know it will happen again one day. It always does.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

Did you enjoy reading this article? You can receive free full-text articles from Financial Elite by RSS in your email inbox daily by entering your email HERE. Your  email will only be used for this daily subscription, and each email will include a link you may use to unsubscribe at any time. Also follow us on Twitter.