Credit Karma Reports: 5 Juicy Facts About Credit In America

Credit Karma Reports: 5 Juicy Facts About Credit In America

Credit Karma gets an interesting behind-the-scenes peek at Americans’ finances, thanks to the interesting stats and facts from our nearly 2 million Credit Karma members. Sifting through these credit tidbits, we can see a bigger picture about how Americans manage their credit card and credit score health, and see some interesting trends. Who’s managing their credit cards better, the East or West Coast? What’s the average credit card debt per state? Which state has the best credit scores?

Here are a handful of juicy details we squeezed out of our monthly Credit Climate Report. Sure you know the basics about credit scores, but bet you didn’t know that…

1. Personal finance sites constantly remind you to save, budget, pay down debt… but who knew Americans were really listening? Average credit card debt has steadily dropped, hitting $7,694 in August down from a high of $8,380 in February this year.

2. Which cities have the highest and lowest credit card debt? In a survey of 20 cities, Silicon Valleyites boasted the lowest average CC debt with $6,161, while Denver folks toted the highest CC debt of $8,751. The large metropolitan areas of San Francisco, Los Angeles, and New York all—surprisingly—had CC debts lower than the national average.

3. Holding steady since February 2010, the number of credit cards the average consumer carries is about 6 credit cards. How much plastic are you packing?

4. Though credit card debt is decreasing, credit scores are dropping too. The national average credit score weighs in at 666.7, a full ten points lower than January’s 676 credit score average.

5) Which state has bragging rights for the best average credit scores? That honor goes to the territory of Washington, D.C., with an average credit score of 699. Who needs to clean up their credit the most? Mississippi’s average credit score is dangerously close to the poor credit range, barely keeping up at 631.

Catch Credit Karma next week when we do a “credit makeover” for a LearnVester!

If you’re interested, visit Credit Karma’s Facebook page, become a fan, and post on our wall telling us why you want a credit makeover. Credit Karma will profile one LearnVester and give specific steps to improve his or her credit score based on their credit profile. Don’t miss this chance to get real, personalized credit help!

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