Posted on May - 14 - 2010
Seattle Residents Have Most Debt, Says Experian
If you live in Seattle, there is a good chance you have a lot of debt. That’s because the city has the highest average debt per consumer at $26,646, according to data from Experian. However, Seattle residents have few late payments and high credit scores.
Dallas claims the No. 2 spot with average debt of $26,599, followed by Denver ($26,428), Atlanta ($26,063), and Phoenix ($26,035). Experian ranked the 20 metropolitan areas with the highest consumer debt. Los Angeles was at the bottom of the list.
Debt Reduction
Regardless of where you live, it is important to focus on debt reduction if credit card debt and other bills have you jumping through hoops. Keep the following things in mind:
- Pay bills on time to avoid late fees and interest hikes.
- Keep balances low on credit cards.
- Avoid shifting credit card debt around. It is better to just pay it off.
Debt Consolidation
A debt reduction plan can involve consolidating debt in order to lower interest and reduced monthly payments. Be cautious, however, about getting a debt consolidation loan for this purpose. You don’t want to risk running up more debt than you currently have.
Get Help with Debt
Digging out of debt can be overwhelming. Consider finding a reputable debt counseling service to help you put together a budget with the goal of paying off credit card debt and other bills. Look for free or low-cost debt help from an agency that has a good reputation in your community.
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- The Trouble With Debt Consolidation
- U.S. consumers reducing credit card debt, but credit scores not improving
- Debt posing hazard to seniors’ financial security
- How Long Will it Take You to Get Out of Credit Card Debt?
