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Credit scores down and certain types of debt up in Miami

Recently, the South Florida Business Journal reported on some interesting statistics. The statistics are from CreditKarma and they regard credit scores and debt in the Miami metropolitan statistical area in September.

The statistics indicate that the Miami metropolitan statistical area's average consumer credit score fell between August and September. Reportedly, in September, the average consumer credit score in this statistical area was 649. This reportedly is three points lower than the average consumer credit score this statistical area had in August.

The statistics also indicate that debt averages for several types of debt went up in the Miami metropolitan statistical area in September. Reportedly, between August and September:

  • the average credit card debt of individuals in the Miami metropolitan statistical area went up by 1.4 percent
  • the average student loan debt of individuals in the Miami metropolitan statistical area went up by 2.8 percent
  • the average mortgage debt of individuals in the Miami metropolitan statistical area went up by 4 percent

Thus, it appears that, in September, the Miami area saw some interesting trends when it comes to average credit scores and average credit card, student loan and mortgage debt. These trends give rise to some important and intriguing questions. Will these trends continue? What impacts have these trends had on consumers in the Miami area? What impacts have these trends had on the economy of the Miami area? What caused these trends to occur? One wonders what the answers to these questions will turn out to be.

Source: The South Florida Business Journal, "Miami credit scores worsen as debt piles up," Oct. 12, 2011

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