San Francisco-based CreditKarma reports that although consumer credit card debt is down 3 percent since January, credit scores are worse.
High unemployment and a poor real estate environment have hurt credit scores even though people are paying off debt. Credit scores are down 2 points on average since the start of the year.
Among the report’s findings:
• New Hampshire residents cut credit card debt by 11 percent—tops in the nation
• California, New Jersey and Massachusetts residents have the highest average credit score in the country at 685
• Arkansas has the lowest average credit score at 640.
Nationally, the average consumer with a credit card in August had:
• $7,694 in credit card debt
• $174,447 in home mortgage loans
• $51,721 in home equity
• $15,186 in car loans
• $28,183 in student loans.