Business

Hawaii’s Average Credit Card Debt No. 2 in Nation

July 11, 2012, 2:16 PM HST
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The average credit card debt in the US was $5,576 last month, down 8% from the beginning of the year, according to a review by CreditKarma.com.

Hawaii’s average credit card debt was $7,032 in June, a 3% drop from May, Pacific Business News reported, citing the report from CreditKarm.com. That was the second-highest average credit card debt in the nation, trailing only Alaska, where the average debt was $7,076, PBN said.

Ken Lin, CEO of CreditKarma.com, said the country’s lackluster economy is likely contributing to the drop in credit card debt.

“Consumers tend to take on more credit card debt when they feel more confident about their jobs and the economy,” Lin said in today’s report. “Because of the lack of confidence, I think we’ll continue to see credit card debt decrease throughout the year.”

So far this year, the average consumer with a credit card account has increased their auto loan debt by 5% to $15,818, which suggests that consumers are buying fewer but more expensive cars, the credit monitoring service said.

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Student loan debt since January has increased by 16% to an average of $29,390, it said.

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The information came from a review of more than 600,000 credit scores.

 

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