Americans owe $800 billion in credit card debt, according to a report issued by Equifax this week. Total debt — including mortgages, auto loans, etc. — is slightly more than $11 trillion, down nearly 11% from peak in October 2008.
At a city level, many U.S. metro areas have seen significant drops in the percentage of income owed to credit card companies. According to Equifax, four metro areas have seen their percent of income owed to credit card companies drop by more than 20%. They are:
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- Port St. Lucie, Fla. — down 23.59% over the year
- Ocala, Fla. — 20.97%
- Bremerton-Silverdale, Wash. — 20.62%
- Shreveport-Bossier City, La. — 20.10%
In all, nearly 60 U.S. metropolitan statistical areas saw double digit declines in their percentage of income owed to credit card companies.
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