SOURCE: Credit Karma

October 13, 2010 07:00 ET

Consumers Pay Down Credit Card Debt in Q3 2010, According to

Credit Scores Down Three Points Since January 2010

SAN FRANCISCO, CA--(Marketwire - October 13, 2010) -, the consumer's credit advocate, today released its U.S. Credit Score Climate Report with trend data for the third quarter of 2010. Nationally, credit scores are 666, down two points since Q2 2010 and three points since January 2010. Several metropolitan statistical areas (MSAs) have seen a credit score decline greater than the national average since Q2 2010. These include:

  • Chicago -- credit scores down three points from 679 to 676
  • San Diego -- credit scores down four points from 690 to 686
  • Houston -- credit scores down five points from 667 to 662

Nationally, consumers with an account have paid down their credit card debt by four percent since Q2 2010, and five percent since January 2010, with consumers in Wisconsin and Idaho lowering their credit card balances the most. Credit card debt in Wisconsin is down 21 percent and Idaho is down 10 percent since Q2 2010.

In September, the average consumer with an account had:

  • $7,526 in credit card debt
  • $174,456 in home mortgage loans
  • $51,223 in home equity
  • $15,122 in auto loans
  • $28,425 in student loans

"Unfortunately, credit scores continue to decline, however, the data suggests consumers remain focused on reducing their debt," said Ken Lin, CEO of "If consumers continue to proactively manage their credit, we expect this trend will reverse and credit scores will start to go up."

Here are some other key findings:

  • South Carolina had the largest credit score decrease since Q2 2010. The average credit score in South Carolina dropped by six points since June 2010 to 643.

  • Massachusetts has the highest credit score nationally, maintaining the same score since June 2010. The average credit score in Massachusetts is 685.

  • Arkansas credit scores have decreased two points since Q2 2010, resulting in the lowest credit scores nationally. The average credit score in Arkansas is 636.

Each month, the U.S. Consumer Credit Score Climate Report compares the current credit scores of its user base with previous scores pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report includes a comparison of more than 145,200 user scores.

About is a completely free credit management service that enables consumers to put their credit to work for their overall financial health.'s goal is to help its nearly 2 million users realize the everyday cost savings of having a good credit score by providing free credit scores, as well as a range of tools, resources and customized savings recommendations to help consumers improve their financial situation. For more information, visit

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