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Credit card debt drops in 2010

By Lucy Lazarony · Bankrate.com
Monday, January 24, 2011
Posted: 2 pm ET

Americans chipped away at credit card debt in 2010. According to a study by Credit Karma, from January to December, consumer credit card debt dropped by 8 percent nationally to $7,404.

And folks in eight states slashed card debt by more than the 8 percent national decline.

Consumers in California, Colorado, Connecticut, Indiana, Oklahoma and Tennessee decreased credit card debt by 9 percent. Meanwhile, consumers in Nevada slashed credit card debt by 11 percent.

And when it comes to beating back credit card debt, folks in Wisconsin were the most aggressive of all. They slashed their credit card debt by 31 percent in 2010.

Consumers in some other states had a tougher time managing credit card debt. Folks in Delaware, Iowa, Louisiana and Missouri saw their credit card debt increase by 1 percent in 2010.

In Nebraska, consumers nudged up credit card debt by 3 percent in 2010. In New Mexico, consumers increased credit card debt by 6 percent.

Folks in Mississippi had the toughest time managing credit card debt. They increased their credit card debt by 8 percent in 2010.

How did you manage your credit card debt in 2010? Did you do better or worse than the national average decline of 8 percent?

Need help tackling credit card debt in 2011? These credit card management tips will help you get organized. And these pay down strategies will help you stay focused on your goal.

Wondering just how many payments it will take to pay off a particular credit card? This calculator will help you crunch the numbers.

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