Atlanta Carries Fewest Credit Cards, Highest Debt
Citizens living in Atlanta, Georgia, do not hold as many revolving accounts as they did in the past, suggesting that their debt may not be as high. But a new report shows that the opposite is actually true, with residents carrying higher credit card balances than the rest of the nation.
A new Experian report shows that Atlantans have reduced the number of credit cards they carry from 4.16 in 2007 to 3.06 currently. Despite the decline, their debt is higher than the national average, with most citizens carrying a balance of $6,753. The report indicates that although Atlantans are carrying fewer cards, they may be utilizing more credit, which can negatively impact their credit score.
"The number of cards have dropped, but that has a tendency to make the utilization go up a little bit. If you close one card, you might use another one a little bit more," Experian analytics senior director Michele Raneri said.
More Americans have been forced to rely on credit as unemployment rates remain high and some continue to incur debt. Those who find themselves owing a higher balance than they can feasibly pay should consider seeking debt relief through credit counseling.