Credit card debt lowest in eight years

In what is still an uncertain economy, Heather Wegner is one of many being careful with what she charges on her credit card.

"Especially being laid off prior to my new job, I'm definitely very careful about how much I spend and making sure I can pay the payment," said Wegner.

The most recent numbers show the average amount of credit card debt has dropped to $4,951. That is down 13% from the same time last year ($5,719). It is the first time that number has dipped below $5,000 since 2002.

The vice president of Pioneer Credit Union, Joe Slattery, says decreased spending is only half the story. He says the economy has also hampered people paying back the credit card companies, as can be seen by the increased number of bankruptcy filings.

"We are down as a country $90 billion in (credit card) balance," said Slattery. "But $80 billion of that was charged off, which means consumers didn't pay that off. The major credit card companies are writing that off."

Slattery also says a drop in people being delinquent on their credit cards may also be a result of at-risk customers not currently getting credit.

"You've got to be real careful. It looks like we're doing so much better. But when you have 10 percent unemployment and people are stretched thin, getting that kind of reduction in debt, there's usually more to it than meets the eye," he said.

Banks and credit unions have also seen a large spike in deposits across the country. Slattery says part of that is people who are laid off moving 401 K's and other investments to savings accounts.