Credit Card Debt Hits Eight Year Low

New York, NY, Aug. 25, 2010--Consumer credit card debt in the second quarter dropped to the lowest level in more than eight years, according to credit reporting agency Transunion.

The average combined debt for bank-issued credit cards -- like those with a MasterCard or Visa logo -- fell to $4,951 in the three months ended June 30, down more than 13 percent from $5,719 in the same period a year ago.

Transunion said it was the first three-month period during which card debt fell below $5,000 since the first quarter of 2002.

Besides paying down debt, consumers are getting fewer new cards. Nationwide, the number of new accounts opened dropped almost 6.5 percent from last year.