Americans are learning their lesson when it comes to credit card debt.
A new study reveals credit card balances have declined to $672 billion, down 22.4 percent from their peak at the end of 2008.
Financial experts say while credit card debts are down, another debt continues to soar.
"In today's tough times, we all have to stick to our budgets," said Martha Cox, of Family Foundation.
American consumers are shedding their debt at a very impressive rate, learning to buy what they can afford, rather than charging and paying for it later.
"People are getting smarter about how they're managing their money," Cox said. "It used to be we could count on a raise or a bonus, but in today's tough times, we all have to stick to our budgets."
Credit card delinquencies are also at their lowest level, along with credit inquiries, which is an indicator of demand.
Cox said American consumers have learned a tough lesson from the recession that they won't soon forget.
"I think when someone has gone through the discipline of paying off their debt and they've lived beyond their means, it's easy to risk that temptation," Cox said. "We've experienced how hard it is."
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