Alabamians Paying Down Their Credit Card Debt
According to San Francisco-based Credit Karma's monthly U.S. Credit Score Climate Report, for the fourth month in a row, Alabamians have reduced their overall credit card balances.
According to San Francisco-based Credit Karma's monthly U.S. Credit Score Climate Report, for the fourth month in a row, Alabamians have reduced their overall credit card balances.
Since January of 2009, the national average credit score has slid from 676 to 669, according to Credit Karma, a San Francisco-based Web site that provides free credit scores and credit management tools to consumers.
Kenneth Lin, founder and CEO of CreditKarma.com, which already gives out free credit scores to consumers, applauded this area of financial reform, but he expressed reservations about another credit-related aspect of the new regulations.
They [consumers] decreased their credit card debt by 8 percent between Jan. 1 and June 30, according to Credit Karma, a California-based credit-scoring website.
Consumers' average credit card debt in June was $7,833, up 0.2% from $7,652 in May and up 12.9% from $6,938 in June 2009, according to the San Francisco-based company, whose website tracks credit scores.
ABC Wichita television broadcast mentions Credit Karma.
Consumer credit card debt fell in the first half of the year, but just by 1 percent, according to Credit Karma in San Francisco.
There are also other non-FICO scores that give you a good idea of how you're doing. For example, you can get a free score at Credit Karma, and use it to monitor your progress.
Credit Karma Chief Executive Ken Lin says the high cost of living here, coupled with the weak economy, is making locals feel "cash poor" and thus discouraging them from taking on more credit-card debt.
The better your credit, the more attractive you'll be, and you can check your score for free with something like Credit Karma (save your money for your debts!).