U.S. consumer credit card debt is continuing to decline, and according to a new study by Equifax Inc. Latest from The Business JournalsConsumer credit card debt falls moreCharlotte consumers’ credit-card debt down 8 percent in 2011Consumer credit card debt continues to slideFollow this company, some of the largest declines can be found in the Phoenix area.
The percentage of income that consumers owe to credit card companies declined between the fourth quarter of 2010 and the fourth quarter of 2011 in nearly 60 out of 100 metro areas. It was down 14 percent in the Phoenix area.
The cities with the largest reductions are clustered in Florida, Louisiana, Washington and California. Florida had five cities with the largest declines, Equifax said.
However, the company (NYSE: EFX) also noted that while total consumer debt has declined from its peak of $12.4 trillion in October 2008, American households still owe more than $800 billion just in credit card debt.