In 2012 Equifax reported that the Sacramento region’s credit card debt had fallen 1.4 percent. This comes as no surprise as many people decide to be more frugal and responsible with their money in tougher economic times.
“In places where the housing bust was the worst, such as Florida, California and Nevada, and in places like Detroit and Ohio where the recession was particularly deep because of a dependence on manufacturing, consumers are continuing to be prudent about using credit,” said Trey Loughran, president of the personal solutions unit at Equifax.
On average a household in Sacramento carries nearly $5,000 in credit card debt per household. This is lower than other cities in the state such as Los Angeles, San Diego, and San Francisco. Those three cities’ averages are much closer to $6,000 on average.
Equifax said that the total credit card debt of Sacramento fell from about $4.47 billion as of January 2012 to about $4.4 billion by January 2013. Contrast that to the $4.65 billion total regional credit card debt for January 2011. Our region’s numbers are piddling in comparison to larger cities. New York City, the number one city on the report led the country with a total credit card debt of $51.4 billion and Los Angeles came in a distant second at $35.3 billion.
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