Average Credit Card, Mortgage Debts Decline in Phoenix
Arizonans’ credit card and mortgage balances have fallen a bit during the past year, while other forms of debt have risen, according to the latest monthly data from Credit Karma.
The Phoenix Business Journal reported June 18 that the average credit-card balance for Phoenix residents in May was $4,356 , compared with $5,008 in May 2012.
Mortgage balances also dipped from the same period last year. Phoenix mortgage balances saw a May 2013 average of $167,668, which was lower than the $168,416 average of a year earlier.
Other debt — auto and student loans — increased across Arizona during the past year, with Phoenix consumers seeing similar trends.