As the economy is steadily improving, middle class families are feeling the effects. According to Manilla.com, a financial organization website, total household debt- which includes outstanding mortgage, auto and college loan balances-fell 1.1% in the first quarter of this year among middle-class families. Overall, consumers are being more cautious before taking on new debts for major investments like homes, automobiles and education. Americans average mortgage debt was $150,200.21 as of July 1, down 4% since the end of 2012. Below are the top 10 cities with the highest mortgage balances:
• San Francisco: $312,301.64
• Los Angeles: $262,792.56
• San Diego: $258,548.22
• New York: $250,078.12
• Washington, D.C.: $226,444.31
• Seattle-Tacoma: $199,205.30
• Sacramento: $194,796.46
• Portland, Ore.: $176,452.78
• Boston: $176,350.70
• Miami-Ft. Lauderdale: $176,057.60
Auto loan balances have increased by 7.9% since the end of 2012, Manilla.com reports, because Americans are now willing to spend more on cars, which signals a stronger economy. Eight of the 10 markets with the highest auto loan balances remained consistent in the first half of 2013. The worst debt offenders for auto loans as of July 1 are:
• Little Rock-Pine Bluff: $17,797.82
• Houston: $17,078.08
• Miami-Ft. Lauderdale: $16,997.15
• New Orleans: $16,968.24
• New York: $16,672.47
• Memphis.: $16,538.02
• Birmingham.: $16,436.04
• Las Vegas: $16,294.38
• Waco-Temple-Bryan: $16,263.03
• San Antonio: $16,164.34
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.