Citizens of Miami carry a larger debt than the national average, but the reason why is easy to see, according to a study by Credit Karma.
Magic City residents owe more on their homes, vehicles and student loans. The average mortgage debt is $199,472 in Miami as opposed to the national average of $166,990. They owe $500 more on car loans than average. Finally, Miamians must pay back $32,330 in student loans against a national average of $23,092. At least Miami citizens are fastidious when repaying debt, showing an average credit score of 641. That’s five points lower than the standard score. The average credit card debt is at $4,697 which is lower than the national average of $5,403.