Consumer Payment Card News

Score Slide

The Midwest and Northeast regions showed the highest increases in credit card debt with 16% and 17% respectively, during October. Credit scores continued to slide in 2009, dropping to 671 in October, compared to 676 in January. Nevertheless, credit scores are on the rise for many consumers with 40% of consumers increasing their credit scores in October. San Francisco-based Credit Karma says the South region had the highest percentage of increasing credit scores. In October, 41% of consumers in the South increased their credit scores, while 28% of consumers’ credit scores decreased and 31% of consumers’ credit scores stayed the same. In October, the average consumer with an open account had: $7,573 in credit card debt; $194,372 in home mortgage loans; $54,039 in home equity; $14,729 in auto loans; and $26,417 in student loans.

        CREDIT SCORES
        May 09: 675
        Jun 09: 674
        Jul 09: 674
        Aug 09: 673
        Sep 09: 672
        Oct 09: 671
        Source: Credit Karma

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