Study: Jacksonville FL Credit Card Debt on the Rise, Credit Scores Down

In the credit website CreditKarma.com's Credit Climate report for March of 2013, the results for Jacksonville, FL are grim--exposing a reason for the non-traditional loan market in Florida. This growing demographic of Floridians with low credit scores looking for extra funds has created a non-traditional loan market; one such loan vendor is Jacksonville Auto Equity Loans, which offers a type of loan secured by the value of an owned vehicle.

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In the credit website CreditKarma.com's Credit Climate report for March of 2013, the results for Jacksonville, FL are grim--exposing a reason for the non-traditional loan market in Florida.

The report shows that debt is worse in Jacksonville in three out of four categories than it was at this time last year--it's worse in all four categories than the national average.

According to the report, the average credit score in Jacksonville was 650. That's ten points lower than the national average. The state of Florida ranked 30th overall for credit scores.

The report also looked at credit card debt. The average credit card debt in Jacksonville was $6,233--compared to the national average of $5,871. But, on a positive note, the average credit card debt for Jacksonville in March is down more than $200 since February.

The report also shows that the people of Jacksonville are chipping away at their student loan debt and mortgage loans. Both are lower than the national average.

The debt and credit score numbers give a glimpse into the credit market in Florida. As debt rises, credit scores go down. When credit scores are low, banks are unwilling to lend. But, just because banks aren't lending, doesn't mean people aren't looking for money.

This growing demographic of Floridians with low credit scores looking for extra funds has created a non-traditional loan market. One such loan vendor is Jacksonville Auto Equity Loans, which offers a type of loan secured by the value of an owned vehicle. These loans are low-interest and feature flexible repayment options that keep the borrower’s needs in mind.

Below is a breakdown of how Jacksonville compared to the national averages as reported by CreditKarma.

Credit Score: Jacksonville 650, National 660.
Credit Card Debt: Jacksonville $6,233, National $5,871.
Mortgage Loans: Jacksonville $155,214, National $168,727.
Auto Loans: Jacksonville $16,108, National $15,470.
Student Loans: Jacksonville $29,401, National $29,523.


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