The numbers for August have been gathered and analyzed, and despite the fact that there has not been a significant reduction in the amount of unemployment, the average amount of credit card debt carried by individuals is on the decline.
“The relative uncertainty of the current job market has forced consumers to live within their means and focus on being financially responsible,” said one analyst, according to a report published on the website Collections and Credit Risk. “This trend is reflected in the report by consumers’ continuing efforts to pay down their credit card debt.”
The average amount of individual credit card debt nationwide dipped to $6,285 in August, down 18% from the previous year. Several states ridded themselves of even more debt that the national average, including Wisconsin, Hawaii, Nevada and Missouri. While consumers in Missouri cut back on their credit card debt by 21% as compared to the year before, data revealed them to hold an average of $36,712 in student loan debt. That’s higher to the national average of student loan debt, which amounted to $29,985, up 6% from the year prior. San Francisco student loan debt also ranks above the national average at $33,057, up 4% from one year earlier.
The country-wide average amount of home mortgage loans borrowed by consumers was very much the same as in August 2010, coming in at $174,742. California state residents carry $316,662 in mortgage loans and the average amount of money San Franciscans borrowed to finance their homes and are currently repaying is $403,058.
Nationally, credit scores dipped three points from their August 2010 numbers to 665. Despite their heavier mortgage burdens, Californians’ credit scores are 684. San Francisco residents can boast an average credit score of 702.