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Equifax says Ohio residents carry high credit card debt

Equifax Inc. recently released data on credit card debt loads carried by the residents of the country's metropolitan areas. The information concerns the third quarter credit card debt burdens carried by individuals during the third-quarter of 2010.

Several Ohio cities ranked in the top 20 of cities whose residents carry the highest credit card debt balances. Cincinnati bad credit attorneys know that high credit card debt can place Ohio residents in financial distress. Credit card debt loads, medical bills and debt obligations after a divorce are often issues that lead individuals to consider filing for bankruptcy relief in Ohio.

The recent metropolitan area rankings are based upon the amount of debt owed to credit card companies in each metropolitan area in relation to the median income for the area. The Canton-Massillon metropolitan area ranked second in the nation for credit card debt. The average debt load carried by residents in the Ohio area was roughly $7000, or 17.2 percent of the median income level for the Canton-Massillon area. Toledo residents, on average, carried 16.7 percent of the median household income on plastic. Youngstown also made the top 10 list, ranking 8th in the nation, with residents carrying 15.6 of their household median income as credit card debt.

Across the state, residents carried nearly $29 billion of credit card debt in the third-quarter, 2010, according to Equifax. Consumers across the nation as a whole had a credit card debt load of $800 billion during the time period.

Residents of Cleveland, Columbus, Dayton and Akron made the top 50 list of credit card debt loads in the country, according to Equifax.

Source: Toledo Blade, " Area credit-card debt among tops in U.S," Sheena Harrison 4 Feb 2011

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