The amount of credit card debt is lower in many of the major metropolitan areas in the United States.
A recent report from Equifax revealed that the following cities had all posted a decline of more than 1 percent in credit card debt: Los Angeles, Sacramento, Detroit and Las Vegas. The figures are a sign, according to experts who conducted the study, that some areas are experiencing a slower recovery than others.
“The differences between the metro areas illustrate the uneven nature of the economic recovery,” said Trey Loughran, president of the personal solutions unit at Equifax. “In places where the housing bust was the worst… consumers are continuing to be prudent about using credit.”
The report also showed that consumers are less likely to go to a credit card terminal or use card payment methods to complete transactions.
There are other signs that consumers are borrowing less. A study from the Federal Reserve revealed that Americans borrowed $2.705 trillion from June to July, a drop of $3.3 billion.Back To Blog