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Americans fight credit card debt by paying down balances

As the economy continues to improve following a six-year recession, more and more Americans are recognizing the value of frugality. In fact, in South Carolina and elsewhere in the nation, new studies are suggesting the average American is now choosing to reduce credit card debt by paying down balances rather than accruing further debt. Some experts believe this may be the result of lessons learned during the harsh economic climate of the last several years.

The major study contributing to these findings was compiled by the American Bankers' Association. According to the study, average ending balances for credit card users are down roughly 5 percent from previous years. This is despite the fact that credit card users are using their cards more regularly to pay for purchases.

The study goes on to say that, overall, outstanding credit balances have dropped along with these new spending behaviors. While total credit lines increased by 4.6 percent, this has been attributed to rising credit availability for super-prime accounts. Prime and subprime accounts continued to experience declines across the board. It has been suggested that a six-year span rife with financial discord may have spurred Americans to more carefully manage their finances in an effort to stay, as the saying goes, in the black.

Credit card debt can be crippling for those who labor under its weight. Thankfully, South Carolina residents who face exorbitant interest rates and high volume of debt have several options available to them to help mitigate and otherwise forgive this debt. Bankruptcy and other financial strategies can help individuals and businesses alike return to financial prosperity.

Source: bizjournals.com, "Credit card debt, interest payments continue shrinking", Mark Holan, April 2, 2014

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