At least one recent poll indicates that dependence on credit cards is on the wane across the country. That survey by the Gallup organization finds more respondents claiming they are carrying less plastic in their wallets and are paying off balances on a monthly basis than was the case back before the recession hit in 2008.
Despite those findings, there are signs that Dallas consumers are going against the grain. Data recently reported by Experian, the information services company, says the average debt being carried by consumers in Dallas is higher than any other big city in the country.
According to Experian, per consumer debt in Dallas is averaging just over $28,000. On the other end of the spectrum is Detroit with an average consumer debt load running about $5,000 lower.
Very often, high debt volume is taken as an indicator of financial stress. Such a condition can be frustrating to bear and may leave a person wondering what options may exist for debt relief. There are several and the alternatives encompass bankruptcy and non-bankruptcy options. To determine which is best for you, it’s best to consult with a skilled attorney.
Why Dallas would be riding higher than the rest of the country’s big cities in terms of consumer debt is not clear. And some observers say it’s not necessarily bad.
According to economists, higher average debt could be attributed to the fact that the Dallas demographic skews younger than many of the other cities. They say it could also be a reflection of solid consumer confidence and that the city is enjoying a growth spurt. All which would be deemed good things.
Source: Dallas Business Journal, “Dallas consumers have highest debt in the country,” Korri Kezar, April 30, 2014