All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Putting consumer debt into perspective

Because different areas of the country are affected by regional and national economic conditions in unique ways, it’s important to analyze issues like bankruptcy and foreclosure rates on a smaller scale before making generalizations about state of the national economy. And when it comes to credit cards and personal debt owed by individuals, determining regional figures can aid in comparing one’s financial situation to that of his or her neighbors. A recent study sheds light on where Miami, Florida, stands in terms of residents’ average credit ratings and personal debts owed.

According to a survey conducted by the credit bureau Experian, the average credit score of residents of the cities studied has not changed from 2010, and is hovering at 665. The average score for individual cities does vary, however. Despite the fact that the average credit rating in Phoenix increased the most within the past four years, the figure remained the lowest of all, averaging out at 654. Interestingly, the average credit rating in Detroit was higher than the overall average, reaching 667 out of 850.

The survey also looked at the average amount of debt carried by residents in several cities. Again, people living in Detroit maintain the least amount of debt, averaging out at a little more than $23,600. That is compared to the overall average of almost $26,000. Debts acknowledged in the survey include everything from auto loans to credit cards to student loans.

The overall amount of personal debt maintained by residents across the country has increased by around five percent in the past four years, Miami and Los Angeles are just behind Detroit for the least amount owed. Interestingly, it is noted that an increase in national personal debt may actually be a sign that the economy is improving.

Source: Time, “Is Your City Drowning in Debt?” Martha C. White, May 7, 2014

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.