A new report indicates that in all 50 states, consumers cut their credit card debt in November.
According to CreditKarma.com's U.S. Credit Score Climate Report, since January, credit card debt has dropped nearly 10 percent, averaging $6,503 per person. But among specific states, the fall has been even more significant. For instance, in Mississippi, average credit card debt has diminished 16 percent to $5,362. Other states experiencing a significant draw down in debt levels include Alabama, Kentucky, Rhode Island and West Virginia.
Ken Lin, CEO of CreditKarma.com, said that while fewer people being delinquent on their credit card payments is a positive sign, the trend is not likely to continue because so many consumers charged their holiday purchases on their credit cards.
Despite debt levels dropping nationwide, credit scores have largely remained unchanged, with consumers averaging a FICO score of 661. The states with the highest scores include California, New Jersey, Massachusetts and Utah.
High scores are typically an indication consumers are paying off their debts on time and limiting their lines of credit. They may also suggest consumers are staying on top of their credit profiles to make sure no errors appear.