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Multiple types of debt up in Florida

Struggles with debt can have major impacts on consumers. Recently, some interesting debt-related statistics have arisen regarding Florida. The statistics are from CreditKarma and they regard consumer debt averages in Florida for several different types of debt in March 2012.

The statistics indicate that Florida saw year-over-year increases in multiple consumer debt average categories in March 2012. According to the statistics, in March 2012:

  • The student loan debt average of consumers in Florida was $29,264, a $922 rise from March 2011.
  • The mortgage debt average of consumers in Florida was $164,263, a $1,873 rise from March 2011.
  • The auto loan debt average of consumers in Florida was $15,373, a $120 rise from March 2011.

However, there was one debt average category in which Florida saw a drop, rather than a rise, in March 2012: average credit card debt. Reportedly, the average amount of credit card debt held by consumers in Florida in March 2012 was $5,916. This reportedly is $1,003 less than the consumer credit card debt average Florida saw in March 2011.

Thus, it appears that, in March 2012, Florida saw trends of increasing mortgage debt, auto loan debt and student loan debt and a trend of decreasing credit card debt. One wonders what caused these trends to occur and what effects these trends have had on consumers in Florida. One also wonders how long these trends will continue. It will be interesting to see what happens with the consumer debt averages for mortgage debt, auto loan debt, student loan debt and credit card debt in Florida in upcoming months.

Source: Orlando Business Journal, "Florida credit scores down, debt increases," April 11, 2012

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