Top 20 Major U.S. Metropolitan Areas by Average Debt Per Consumer

Experian Ranks Top 20 Major U.S. Metropolitan Areas by Average Debt Per Consumer

 

RISMEDIA, May 14, 2010-Experian, the global information services company, released its findings today on average debt* per consumer in the top 20 major U.S. metropolitan areas. Approximately 65 percent of these areas exceeded the national average consumer debt, which was $24,775 in March.

Within the top 20 major U.S. metropolitan areas, Seattle is the most debt-burdened city, coming in at almost $2,000 above the national average debt per consumer, while Los Angeles has the lowest average debt.

Metropolitan areas/Average debt per consumer
------------------ -------------------------
1. Seattle $26,646
2. Dallas $26,599
3. Denver $26,428
4. Atlanta $26,063
5. Phoenix $26,035
6. Houston $25,790
7. Washington, D.C. $25,702
8. Tampa $25,603
9. Philadelphia $25,544
10. Orlando $25,316
11. Minneapolis $25,115
12. Detroit $24,995
13. Sacramento $24,826
14. Chicago $24,781
15. Boston $24,670
16. Cleveland $24,669
17. New York $24,444
18. San Francisco $24,429
19. Miami $24,334
20. Los Angeles $24,009

"It's important to look at the whole picture when evaluating how consumers are actually managing their credit," said Maxine Sweet, vice president, public education, Experian. "Seattle ranks the highest in terms of average debt per consumer. However, additional data shows that Seattle's consumers have very few late payments and are not maxing out their credit cards, so they are using their credit wisely and maintaining higher credit scores."

Below are some tips for consumers on how to better manage their debt:

· Pay your bills on time. If you have an overdue bill, an unpaid debt or a tax lien, pay it off.

· Set up a budget and live within it. In the age of self-help and empowerment, managing your finances should top your list.

· Use your credit cards responsibly to demonstrate that you can manage credit well, but keep balances low on all of your cards and revolving credit.

· Review your credit report 60 to 90 days before making a major purchase. Do not open or close accounts, but concentrate on paying down balances.

· Pay off debt rather than moving it around. Also, do not close unused cards as a short-term strategy to improve your credit score. Owing the same amount but having fewer open accounts may lower your utilization ratios and your credit scores.