Hooray America!!

Credit card debt hits lowest level in 8 years: As card holders continue to pay off balances, the amount of credit card debt dipped to its lowest level in eight years during the second quarter. The average combined debt for bank-issued credit cards, such as those that carry the MasterCard or Visa name fell to $4,951 in the second quarter, down more than 13 percent from $5,719 in the same period a year ago, according to TransUnion, which tracks consumer debt. Fear of unemployment and a tighter credit environment, as the economy continues to sputter, contributed to the decline in consumer debt.