A new report finds that a larger percentage of consumers in the Midwest currently carry the lowest amounts of debt of any other region in the United States.
According to the findings of the monthly U.S. Credit Score Climate Report taken in July, on average, people living in Midwestern states had $6,500 worth of credit card debt, $13,000 in auto loans, $147,500 in home mortgage loans, $38,900 in home equity debt, and $25,600 in student loans.
The report, prepared by Credit Karma, noted that July was the third month in a row in which Midwest consumers carried the lowest overall debt loans in the country.
Among other things, the report also sought to make a comparison of different debt sources in the Midwest with their counterparts in other regions of the United States.
First, you should examine the following figures. They are a compilation of average debt levels for various parts of the country:
- Credit card debt averaged $6,800
- Home mortgage loans averaged $193,000
- Home equity loans averaged $52,000
- Auto loans averaged $14,000
- Student loans averaged $26,000
As you can see, the nationwide averages are actually slightly higher than those found in the mid-western sections of the United States. There was a $300 difference in credit card debt levels, a $45,500 difference in home mortgage loan levels, a $13,100 difference in home equity loan levels, a $1,000 difference in auto loan levels, and $400 difference in student loan levels.
In addition, the national average for credit scores was 673. Top-level scores hover in the 700 range.
What this report does is highlight an interesting distinction in how consumers in one section of the country spend their money versus other areas. While there may be a number of reasons for these differences, coming up with a single source may be difficult.
Tags: midwest debt, consumer debt, debt consolidation, personal debt
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