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Americans Managing Credit Better Amid Recession

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Mar 9, 2009 10:34 pm US/Eastern

Americans Managing Credit Better Amid Recession

Reporting
Beth Germano
BOSTON (WBZ) ― Americans are managing their credit better as the recession deepens, possibly a sign that the new era of responsibility that President Barack Obama has been talking about is taking shape.

The number of consumers falling behind on bankcard payments dropped as much as 11 percent in the fourth quarter of 2008. More on-time payments are being made, though the average credit card debt edged up to $5,700.

"They are budgetting. People are much more cognizant of their spending habits. It's a very positive trend," said Ali Mahood, of American Consumer Credit Counselling.

Elissa Krasner seems to be part of the trend. She's paying down $900 in credit card debt more quickly, and with good reason.

"It's really worrisome. I'm not spending as much and paying it down so if I lose my job I won't worry about it as much," she said.

But the statistics also show fear among consumers about losing their credit cards, which many use to bridge the gap from paycheck to paycheck.
 
They're often paying their credit card bills even before their mortgage or car loans.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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