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Americans Paring Down Credit Card Debt |
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December 30, 2005
The average American is now carrying $2,328 in credit card debt, down from $2,627 in 2004. Individuals also haven't added any new credit cards to their wallets in the past year. Americans still hold an average of 2.9 cards each, the same as in 2004. "While it's great that many Americans have been able to reduce their overall credit card debt, let's hope we don't wake up to a holiday hangover when the credit card bills for this holiday season start arriving in January," said Steve Rhode, president of Myvesta. "If consumers used credit for their holiday purchases this year, they might erase any progress they have made toward paying down their debt." According to the annual Holiday Shopping Survey conducted by Myvesta, the average American planned to spend $747 on their purchases in 2005. If that amount was charged on credit cards and added to the average credit card debt of $2,328, the total would be $3,075. Some other results from Myvesta's survey include:
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