Updated Aug 23, 2013 - 1:42 pm
Arizona credit card, mortgage debt going down
In the last year, Arizona residents have significantly decreased their credit card and mortgage debts.
According to the Phoenix Business Journal, credit card debt in June was down by $600 from the same month last year. Mortgage debt in June also was down nearly $6,000 from last year.
In June 2013, the average credit card balance was $4,819, down from $5,426 in June 2012. Mortgages in June 2013 averaged $170,063, down from $176,129 in June 2012.
Nationally, Arizona is ranked 25th-lowest in average credit card balance and 33rd-lowest in average mortgage balance.
However, auto and student loans have increased in the past year. From June 2012 to June 2013, auto debt increased from $16, 274 to $18,096. Student loans increased from $26,378 to $28,064 over the same time period.