According to CreditKarma.com, South Floridians reduced their credit card debt in November by 13.5 percent from a year earlier. The balance on the average credit card in Broward, Palm Beach and Miami-Dade counties fell to $4,552, down from $5,264 in November 2012, CreditKarma.com reported.
Other debt balances, including mortgage debt fell from $191,970 to $184,061. Student loan balances also declined 2 percent from a year ago. The average student loan balance was $30,768 in November, a $752 drop from the $31,520 balance 12 months earlier.
Auto loan debt increased in South Florida, up $923 from a year ago. New car sales have also increased as the economy continues to improve. According to CreditKarma.com’s CEO, South Floridians are taking out more car loans because lenders are offering these to consumers with modest credit ratings. Some car dealerships are even offering 0 percent loans, making these type loans good to have.
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