PHOENIX — Arizonans are reportedly carrying less debt than they used to be.
According to GoBankingRates.com, Arizonans were carrying an average debt of $27,908 in December 2013, down from $28,430 in December 2012.
In addition, Arizona residents also saw a big drop in the amount owed on credit cards. In 2012, Arizonans owed $5,390 on average. In 2013, that number dropped to $4,701. This change saw credit scores increase.
“Arizona residents as a whole have a higher average credit score than the rest of the nation with 643 vs. 641,” said Ken Lin, CEO and chief consumer advocate of Credit Karma, in an interview with Phoenix Business Journal.
Arizona also closed out 2013 with slightly higher mortgage prices and car loan balances, both signs of an improving economy.