Credit Scores Down But Credit Card Debt Up

October 21, 2011
Time 
credit card news

Credit score and product site CreditKarma.com compared the amount of credit card, mortgage, and student loan debt in all 50 states -- along with the average FICO score in each -- and found that many Americans are still struggling for financial stability more than two years after the recession "officially" ended. The average consumer's score was 663 in the third quarter, down four points from the previous three months, even as average credit card debt climbed to $6,513. A few surprises were revealed in the state-by-state breakdown, meanwhile. The top-scoring states were California and New Jersey, with average FICO scores of 682 and 680, respectively. At the other end of the continuum are South Carolina and Mississippi, where average scores are 638 and 626, respectively. But these numbers only reveal a part of the picture. Despite its high average credit score, New Jersey also tied with Connecticut and Wyoming for the highest amount of credit card debt: $7,666 per cardholder. And Maryland boasts the highest average student loan debt in the nation -- $33,359 -- despite a modest average FICO score of 667.
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