Hawaii consumer debt declines - Hawaii News Now - KGMB and KHNL

Hawaii consumer debt declines

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - Credit card debt carried by the average Hawaii consumer, over $9,000 for most of the year, has fallen to $8,469, a mainland study finds.

Average Hawaii home mortgage debt was $304,844 in September and average student loan debt was $26,585, Credit Karma reports.

Credit card debt has declined 4% nationwide from the second quarter to the third, the San Francisco research firm said Wednesday.

Credit scores nationwide ranged from 685 in Massachusetts and 684 in California to just 636 in Arkansas. Hawaii came closer to the high end at 675. Higher is better.

For consumers to pay down their plastic is good news for retailers, who know that their seasonal sales would be constrained if a lot of households found themselves with little room on their credit cards. Since consumer spending accounts for two thirds of all U.S. economic activity, credit card debt may be regarded as an important if unofficial economic indicator.

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