Americans still struggling with credit card debt despite recent trends

In 2010, consumers made great strides to curb their spending habits and cut the amount of credit card debt they were accumulating on a monthly basis; despite this hard work, many individuals still have a long way to go before achieving stable finances.

Americans still hold over 600 million credit cards and more than $800 billion in related debt, according to recent reports.

While these may just seem like arbitrary numbers, they mean the average person now holds three credit cards, and may be paying 14 percent more in the form of higher interest rates, The Delaware Democrat and Chronicle reports.

“Now I spend what I can afford, but I had to learn the hard way,” Dave Doran, a Churchville, New York, resident with a troubled credit card history, told the news source. “Some people I know are really out of control with credit cards. They seem to think that if they go into bankruptcy, so what?”

In addition, despite the fact that many are paying off their credit card debt in a timely manner, defaults have been high. This means many more will be paying increased penalties on future credit card use in 2011.