Arizona credit card, mortgage debt going down
Jul 17, 2013, 2:56 PM | Updated: Aug 23, 2013, 1:42 pm
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.
