Bankruptcy consumers are hopeful in the new credit statistics. According to the Federal Reserve, US consumers total credit card debt is shrinking. Revolving credit, also known as credit card debt, was reduced each of the first three quarters, and through October, in 2010. However, this is likely because banks are tightening approval of credit card debt for individuals and small businesses, according to a Federal Reserve study.
Nevertheless, average household credit card debt is $15,700. The credit reporting agencies are reporting that average debt is down for the fifth quarter in a row. Further, they report that fewer credit cards are being issued. It is not clear if this is because of enhanced requirements to get credit cards, or because fewer folks are requesting new credit cards.
A Consumer Reports credit card survey last year indicated that 1/3 of Americans do not even own a credit card and more than half of credit card holders pay off their balance in full each month. The same report says that 33% of card holders have balances of less than $10,000. Thus, it is only 13% of credit card holders that have “significant” balances, over $10,000.