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A new report finds that a larger percentage of consumers in the Midwest currently carry the lowest amounts of debt of any other region in the United States.

According to the findings of the monthly U.S. Credit Score Climate Report taken in July, on average, people living in Midwestern states had $6,500 worth of credit card debt, $13,000 in auto loans, $147,500 in home mortgage loans, $38,900 in home equity debt, and $25,600 in student loans.

The report, prepared by Credit Karma, noted that July was the third month in a row in which Midwest consumers carried the lowest overall debt loans in the country.

Among other things, the report also sought to make a comparison of different debt sources in the Midwest with their counterparts in other regions of the United States.

First, you should examine the following figures.

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Tags: Lowest, Lowest Nation

Associates at Standard & Poor’s announced that California’s budget-balancing plan is viable enough to keep them from downgrading the state’s credit rating for the time being.

In other words, S&P stands by the A rating that it gave California’s current $67 billion in outstanding general obligation bonds and subsequently removed the state’s debt from its negative credit watch list. This decision means essentially that the California’s risk of downgrade is significantly lowered.

S&P’s evaluation is the first one given by a major ratings firm concerning the dubious budget deal that was developed by Governor Schwarzenegger and the State Legislature last month. Both Moody’s Investors and Fitch have yet to post their findings.

Currently, California has the lowest debt rating in the United States, just short of a speculative rating, which would be bad news for the state.

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Tags: Cutting California’s, Rating

The latest figures from the Finance & Leasing Association (FLA) have revealed that its members provided 17% less new consumer credit in the second quarter of the year (compared with the same period in 2008), moneyfacts.co.uk reports.

Both secured and unsecured lending markets had contracted, falling 84% and 43% respectively.

Despite being down on an annual basis, however, store cards remained popular in the second three-month period of the year, with new business reporting a 5% rise in June.

A spokesperson for company Gregory Pennington commented: “Although it is encouraging to see consumers taking on less debt, it is still important that when people do decide to borrow, they are aware of the small print.

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With rising health care and energy costs getting out of hand and the elimination of the traditional pension, retirement no longer holds out the guaranteed freedom it once did for many older Americans.

This trend has been worsened by the current recession and the drop in overall market values. Home values, stock portfolios, and job opportunities for older workers have been seriously affected.

The idea of having zero debt as a retiree is hardly realistic these days. While some retirees are fine paying down mortgage they are managing, others may rack up serious credit card debt buying investment properties, paying for vacation expenses, or buying luxury items.

Many senior citizens become overwhelmed with heavy debt that drives them towards bankruptcy or other financial difficulties. Debt advisors point out that there are hundreds of retirees that have ended up filing for bankruptcy since 2005, a fact that makes them a major demographic.

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In the world of credit counseling, non-profit agencies enjoy special benefits because of their status and have a better reputation among both creditors and debtors. Before enrolling in a credit-counseling program, be sure to research carefully the agency you have chosen. Agencies accredited to by the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies offer reputable services to their clients. Solid, reputable counseling agencies are invaluable resources for consumers who need help managing and paying down their debt.
credit counseling, credit cards, consumer credit counseling, debt relief, credit counseling agencies
Non-profit credit counseling agencies enjoy special benefits because of their status. There is a tax advantage; non-profits enjoy tax exemptions on both a state and federal level. Read more…

Tags: Bet, Credit Counseling