 TITLE: Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years CONTENT: States With Highest Balances Saw Greatest Decrease\n--------------------------------------------------\nAcross the country, consumers in all states saw average credit card balances decrease in 2020. In most states, consumer balances shrank at around the national average rate of 14%, but some stood out as having either a larger or smaller decrease.\nConsumers in Washington, D.C., saw the largest average balance decrease, with credit card debt shrinking by 20% in the past year—6 percentage points more than the national average. The residents of the nation's capital saw their average balances drop over $1,400, from $7,077 in 2019 to $5,671 in Q3 2020.\nOn the other end of the spectrum, consumers in North Dakota saw their credit card balances shrink the least, dropping 8%. Their average balance started at $5,265 in 2019 and fell to $4,865 in Q3 2020.\nSource: Experian END