In November, Americans actually reduced their credit card debt by 3.4%. This shows that the recession is causing people to cut back on spending. Banks are also reducing limits for many of their customers. Find out how to responsibly manage and reduce your own credit card debt.

Average Debt per Household

The Federal Reserve's G-19 Consumer Credit report also stated that non-revolving debt, like loans for auto, furniture and consumer electronics, fell 3.9%. Despite the dramatic decline, an average American household still has over $8,200 in credit card debt, and over $13,500 in non-revolving debt. Note: This estimate is based on 305 million people in the U.S., an average of 2.6 persons per household, and 117 million households. (Source: Federal Reserve, G.19 Release, November 7, 2008; U.S. Census, Population Clock; Average Household Size)

What It Means to You

The recession caused a decline in credit card debt, and reduced spending will deepen the recession. Now is a good time to reduce your own financial vulnerability. Here are some helpful ways to reduce your own credit card debt....and avoid becoming a statistic in the Federal Reserve’s G-19 report next month.

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