HONOLULU and SAN FRANCISCO (HawaiiNewsNow) - Americans have cut their credit card debt an average 7% since the year began, a national study finds, and Hawaii consumers have paid down their cards almost twice that much.
The San Francisco research firm and credit advocate CreditKarma.com harvested credit scores from October and found island consumers have reduced their credit card debt 13% since January, making Hawaii one of only seven states to see average credit card balances fall more than 10%.
"As consumers continue to pay down their debt, we're beginning to see credit scores stabilize nationwide," said CEO Ken Lin.
While down smartly for the year to date, Hawaii credit debt is greater than the $7,382 national average, and actually rose slightly from September to October. Recent movement in Hawaii average credit card debt:
+ April: $9,105.
+ May: $9,006.
+ June: $9,042.
+ July: $8,930.
+ August: $9,027.
+ September: $8,469.
+ October: $8,521.
The national average credit score is 666, also based on October data, with eight states at 650 or worse, while the average score in Hawaii is a much better 674.
National average home mortgage debt is $175,571. In Hawaii it's $303,000.