Tag Archives: paying-off-debt

The Associated Press reported today that credit card debt has dropped to the lowest level in more than eight years as cardholders continue to pay off balances. The average combined debt for credit cards fell to $4,951 in the past quarter, which is down over 13%. This is the first quarter that credit card debt has fallen since the first quarter of 2002. During these tough economic times, with predictions of a double dip recession looming, cardholders are paying off debt and consumers are embracing a new trend of frugality. But is this a permanent change, or are we just biding time until we can go back to our old spending habits?What do you think—are Americans finally learning to live within our means, or is this just a temporary arrangement? added by: sgwhites