Study: Miamians’ Credit Scores Lower, But So Is Their Average Debt
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(CBSMiami) — Miamians are paying down their debt, albeit at the cost of their credit scores, a study by Credit Karma reveals.
Citing the study, the South Florida Business Journal reports the average credit score in the Miami area was 644, down by five points from a year earlier. While it was slightly better than the average Florida credit score of 642, it was below the national average credit score of 650.
In three of the four categories of debt that Credit Karma tracks, Miami area consumers were less in the hole last month. The average local consumer had credit card debt of $4,768 in September, compared to $5,548 a year ago.
The Miami figures are below both the Florida average of $5,276 and the national average of $5,409 in September.
The good news continues in the area of mortgage debt.
Miami area consumers lowered the average mortgage debt to $197,410 in September, down from $199,701 a year ago. However, that was still well above the average Florida mortgage debt of $162,117 and the national average of $168,268.
Miamians are paying down student loan debts, too.
Their average student debt fell to $31,062 in September, down from $32,254 a year ago. Again, though, the figures are above both the Florida average of $29,421 and the national average of $29,504.
On the other hand, people still love their cars in Miami and were willing to pile on more debt for nicer vehicles.
The average local consumer had $16,335 in auto debt in September, up from $15,787 a year ago. That was slightly above both the state and national average.
The South Florida Business Journal contributed material for this report.