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Responsible Debt Management Key Factor In Drop Off In Credit Card Balances

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Americans played a larger part in their improved credit card standings than previously thought. Recent reports have accredited the the drop off in credit card balances during the past two years to bank charge offs, giving little praise to consumers for more responsible financial management.

Now, a new report from TransUnion says consumer focus on credit card debt relief had more of an influence than previously thought. According to the recent analysis, between the first quarters of 2009 and 2010, individuals made an estimated $72 billion more in payments to their credit cards than they spent using them to make purchases.

"Many people in the financial services industry believe charge-offs have been the leading factor in declining credit card debt since the start of the recession," said Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit. "In fact, some have stated that charge-offs account for the entire change in card balances over the past two to three years. In reality, the dynamic is more complex."

With the recession putting major restrains and pressure on consumer finances, a number of Americans appear to have focused on reducing their borrowing habits. Despite the concerted effort to pay down debt, a number of consumers continue to have trouble obtaining credit card relief. These individuals may want to craft a strong and realistic budget or work with a credit counselor to obtain assistance. 

Timely articles written by the Editors at DRC

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