Equifax: Sacramento-area residents taking on more debt

Published: Monday, Mar. 10, 2014 - 10:39 am

Overall consumer debt among Sacramento-area residents increased to slightly more than $99.2 billion in the fourth quarter of 2013, up about 0.6 percent compared with the year-ago period, according to Equifax, the Atlanta-based credit rating firm.

The latest total was up from about $98.6 billion in the final quarter of 2012.

Credit card debt in the Sacramento area totaled $4.49 billion in January, up about 1.3 percent from $4.43 billion in January 2013.

Equifax said consumer debt increased year-over-year in most of the 25 largest metro markets nationwide, a likely byproduct of a strengthening economy, the housing recovery and increased consumer confidence. Florida was an exception, with metro markets in that state seeing large numbers of homes coming out of foreclosure and a comparatively high percentage of cash sales.

“Consumers overall are feeling more comfortable about the economy and their own financial prospects, so they’re willing to take on debt for the right reasons,” said Trey Loughran, president of Equifax Personal Solutions. “But in areas where the economy still lags, consumers are being more cautious and financially prudent.”

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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