When it comes to keeping up with the Joneses, most people compare what they own, not what they owe. The , however, offers a detailed look at the relationship American consumers have with debt.
Last year, Colorado residents, on average, carried 2.5 credit cards with balances on them of $6,018, around 29 percent of the available credit limits, according to the report.
Add in student, car and other consumer loans and Colorado residents were indebted an average of $41,770, while those with a mortgage carried an average balance of $230,142. The Vantage Score, which is replacing FICO as a credit score, stood at 685 last year in Colorado, an improvement from the score of 681 in 2015, but unchanged from 2007, before the recession.
How many credit cards do Coloradans carry?
Nationally, consumers held 2.35 credit cards with average balances of $5,551, representing 30 percent of the borrowing capacity on those cards last year. Average consumer debt was $39,216, with the average mortgage debt balance at $196,814. The Vantage Score nationally averaged 673 last year, still below the 2007 average credit score of 679.
Out of 211 metro areas Experian studied, metro Denver’s average credit score of 687 ranked 47th, while Grand Junction’s average credit score of 683 came in 60th, and Colorado Springs’ average credit score of 674 came in 94th.
