Many Denver, Colorado, consumers are still feeling the financial burden from the holiday season, when a number of individuals relied on their credit cards to purchase gifts for family and friends.
A recent Experian study found the city had the 13th highest credit card balance in the United States, with the average resident carrying a balance of $4,608 on his or her plastic. Although the debt levels are high, Experian's vice president of public affairs, Maxine Sweet, recently told KUSA News that the situation may not be as grim as it looks.
Sweet told the Colorado news provider that the number of credit cards carried by the Average American dropped nearly half a percentage point between 2007 and 2010, to 1.97. She advised Denver consumers who are still struggling with debt to obtain a copy of their credit reports. By reviewing this document, individuals may learn whether they need credit score help.
When looking over a credit report, it's important for consumers to carefully inspect their credit payment history because credit reporting mistakes can occur. The last thing credit-troubled consumers need is an unfair mark further dragging down their credit status. These individuals may benefit from explaining the questionable item to a credit repair company, which may be able to work with creditors and the credit bureaus to rectify the problem.