America’s total consumer credit card debt continued to shrink in metro areas recovering more slowly from the economic crisis, according to an Equifax report released on Sept. 25, 2012. Data shows that metro areas including Detroit, Las Vegas, Los Angeles, and Sacramento, Calif., posted a larger than 1 percent decline in overall credit card debt in August, compared to the same period a year ago. The report examines credit card data for the top 25 metro areas.
For the country as a whole, credit card debt was roughly flat, increasing only .02 percent from the same period a year ago. In some metro areas, such as Houston and Washington, the total credit card debt increased.
Americans have been using credit cards much less since the 2008 financial crisis. Total consumer credit card debt in August 2012 was $585.3 billion, down 22 percent from the peak in October 2008. However, in the past year, credit card debt numbers have begun to level off.