Average credit card, mortgage debt declining in Arizona

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Average credit card debt in Arizona is declining, according to a new survey.?

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 average credit-card balance in Arizona in May is $4,879 ? down $682 from a year earlier and down $161 from April. Credit-card balances were a hair lower for Phoenix residents, who carried an average balance of $4,356 last month compared with $5,008 in May 2012.

Mortgage balances also dipped from the same period last year. The average mortgage balance in Arizona was $172,273 in May, a drop of $4,665 from last year. However, last month?s average balance was about $1,000 higher than the average in April ($171,284). Phoenix mortgage balances saw a similar trend, with a May 2013 average of $167,668, which was lower than the $168,416 average of a year earlier, but slightly higher than April?s $167,451.

Nationally, Arizona had the 24th-lowest average credit-card debt balance. Mississippi residents carried the lowest average balance on their credit cards at $3,830.

As far as mortgages go, Arizona had the 33rd-lowest average mortgage balance in May. Arkansas posted the lowest average mortgage balance last month, with $103,320.

Nationally, the average credit-card balance was $4,975 and the average mortgage debt was $167,373.

Other debt -- auto and student loans -- increased across Arizona during the past year. Arizonans carried an average auto loan balance of $17,978 last month, up more than $1,500 from May 2012?s average of $16,362, and up $54 from April.

Student loan balances were up nearly $1,200 from last year. Arizonans? average student loan balance was $28,160 in May, compared with May 2012?s average of $26,962. From April to May this year, the average balance dropped by about $800.

Source: http://feedproxy.google.com/~r/vertical_2/~3/jHQpxgdXil0/average-credit-card-mortgage-debt.html

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