Americans appear to have increased their credit card debts in the third quarter, according to a report released Wednesday by CreditKarma.com.
Nationwide, credit card dues swelled 1 percent in the third quarter. Twenty-six states increased their debt, while 24 paid off charges during the July-September period. Vermont and Wisconsin showed the largest hikes in credit card debt, surging 6 percent and 5 percent, respectively. Meanwhile, Mississippi and Utah paid off the most, with declines of 6 percent and 7 percent, respectively. "With back-to-school shopping and the upcoming holidays, credit card debt is starting to creep up - a trend that could continue with the new debit fees many banks are starting to implement," said CreditKarma CEO Ken Lin. "Consumers may turn to their credit card more often to avoid the fees and rack up more credit card debt when they don't pay in full each month as a result." Last Friday, the U.S. Federal Reserve reported consumer credit fell by an unexpected $9.5 billion in August - the largest dip in three years, according to Bloomberg.