Credit Card Debt In Texas Is The Highest In The Nation?

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Mogul of Pineapples
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Credit Card Debt In Texas Is The Highest In The Nation?

Postby Mogul of Pineapples » Fri Mar 04, 2011 11:02 pm

Supposedly 3 of the top most credit card indebted cities are in Texas, with San Antonio at #1, Dallas at #5 and Austin at #8.

Credit card debt: Which cities have the most? - Mar. 4, 2011

Think those numbers are accurate, jeffysdad? If only credit files were used as the article states, I would like to know how they can distinguish between balances carried and balances on a given month that are paid in full because both would look the same on a credit file.
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Postby redeye » Sat Mar 05, 2011 4:30 am

This is deceiving like that number during the elections where we are told the average American household is eight thousand in debt with credit cards. There was an entire expose on MSNBC about how that is fiction since it included paid in full accounts.

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Postby jeffysdad » Sat Mar 05, 2011 7:43 am

It wouldn't surprise me if Texas had some of the most indebted cities because of our state's tendency toward grandiosity, but I also doubt the accuracy of the statistics for the reasons stated above (paid-in-full vs. carried balances, etc.).

Another personal finance statistic I often wonder about is that for retirement savings. It's usually presented as "the average balance of 401(k) accounts..." But that apparently doesn't include all the various IRAs, including rollovers from 401(k)s, and it apparently doesn't deduct amounts borrowed against 401(k)s. At best not very informative and probably misleading.

It's also important to remember that with these kinds of things medians are much more reliable than averages.
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Postby redeye » Tue Mar 15, 2011 9:05 pm

This list shows Texas 2 places out of 20. What gives?

20 Metro Areas With the Worst Credit Card Debt Problems - DailyFinance

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Postby Mogul of Pineapples » Sun Mar 20, 2011 5:29 pm

Another personal finance statistic I often wonder about is that for retirement savings. It's usually presented as "the average balance of 401(k) accounts..." But that apparently doesn't include all the various IRAs, including rollovers from 401(k)s, and it apparently doesn't deduct amounts borrowed against 401(k)s. At best not very informative and probably misleading.


Good point and then we have to consider that it's not unusual to set aside assets for retirement but have them outside of an IRA. Take my late grandpa who was all in cash. All of his money was in CDs and never had an IRA. He would have failed one of those studies miserably but in actuality he was probably better prepared than the average person.

redeye wrote:This list shows Texas 2 places out of 20. What gives?


This study is a bit different because the rankings are based on credit card debt as a percentage of income, which is probably a more accurate measure. The incomes are medians but it doesn't state whether the debt figures are medians or averages, if the latter the stats could be skewed quite a bit.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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