August 2, 2011
Consumers cut debt amid soft economy
Consumers in Arizona and nationally made progress reducing credit card and mortgage debt over the first half of 2012.
A midyear report from CreditKarma.com shows credit-card debt dropping nearly 16.7 percent to $5,576 since the start of the year for people nationally with balances. Mortgage debt fell an average of 4.3 percent to $166,325. But auto debts rose 2 percent to $15,818, and student-loan balances jumped 11.9 percent to $29,390.
“The lackluster economy is partially to blame for the positive trend of decreasing credit-card debt,” said Ken Lin, CEO of CreditKarma.com, in a statement. “Consumers tend to take on more credit-card debt when they feel more confident about their jobs and the economy. Because of the lack of confidence, I think we’ll continue to see credit-card debt decrease throughout the year.”
Arizonans had slightly more debt on balance than Americans in general at midyear. Average balances for Arizonans in June were $5,426 for credit cards, $176,129 for mortgages, $16,274 for autos and $27,367 for student loans.
Credit scores dropped by five points for Americans to an average 655, and they fell four points on average, also to 655 for Arizonans, reported CreditKarma, a credit-education firm in San Francisco.
The above statements do not represent those of Weston Legal or Michael Weston and they have not been reviewed for accuracy. The statements have been published by a third party and are being linked to by our website only because they contain information relating to debt. Nothing in this article should be construed as legal advice given by Weston Legal or Michael Weston. To view the source of the article, please following the link to the website that published the article. Articles written by Michael W. Weston can be viewed here: To report any problem with this article please email azcreditcardlawsuit@westonlegal.com
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