Washington Consumers Lead Nation in Payments, Experian Says
Consumers living in Washington DC and its surrounding area have the highest monthly payments in the nation for bills that include credit card, car loan and lease or mortgages, according to Experian.
The credit-reporting agency reported that consumers in Washington DC and its suburbs average $1285 per month on these payments, 42% over the national average. By contrast, consumers in Pittsburgh spent $763 on these payments.
Curiously, cities that might be expected to have higher costs, like New York and San Francisco came in with lower payments, $989 and $1098, respectively.
"The trend we're seeing is that consumers have lower payments, indicating both proactive deleveraging by consumers and tighter limits from lenders and certainly consumers are making fewer major purchases such as homes and cars than they were a few years ago," said Michele Raneri, senior director of analytics for Experian. "There are many ways to manage and develop a positive credit score and good payment habits. Paying bills on time is generally the single most important contributor."