Kansas City residents show debt load, credit score improvement
A new report has found that Kansas City credit scores are up, meaning that consumers are gaining a better grasp on their credit card debt. The average increased to 679, three points higher in July. Nationally, the average credit score only hovered around 668, putting Kansas City residents in better financial shape than those in other areas of the country.
U.S. credit card debt dropped 1 percent in June, according to the Kansas City Business Journal. New data from CreditKarma, a consumer credit advocate, found that the credit card debt rate is almost 14 percent higher than July 2009, however.
Consumers looking to increase their credit scores are advised to repay their debt in a timely manner. Late payments on loans or credit cards can damage a credit history over time. Debt consolidation is another option for consumers looking to lower their monthly payments. By combining debt and obtaining a lower interest rate, borrowers can regain their footing financially and prevent the situation from happening in the future.