U.S. credit-card debt edged up 0.2% last month from a year earlier, though regions hard hit during the housing crisis saw declines, according to a report released by credit-reporting company Equifax Inc.
“In places where the housing bust was the worst, such as Florida, California and Nevada, and in places like Detroit and Ohio where the recession was particularly deep because of a dependence on manufacturing, consumers are continuing to be prudent about using credit,” said Trey Loughran, an Equifax executive. “In other pockets of the country, consumers are feeling a bit more confident to take on new debt.”
According to a report looking at credit-card data covering the largest 25 metropolitan regions, consumer credit-card debt was $585.3 billion in August, down 22% from its peak in October 2008.
Metropolitan areas including Detroit, Las Vegas, Los Angeles, and Sacramento, Calif., posted a more than 1% drop in overall credit-card debt during August. However, metro areas such as Houston and Washington reported increases of more than 1%.