Aug. 26--Sacramento-area residents are doing a better job of holding the line on credit card debt than consumers in other large U.S. metro markets, according to a new report by Equifax, the Atlanta-based credit rating firm.
Of the 25 major metro markets tracked by Equifax, Sacramento ranked as the fifth most-frugal, in terms of year-over-year increase in credit card debt. The region's credit card debt in this year's second quarter totaled $4.39 billion, up 1.88 percent from the second quarter of 2013.
St. Louis-area residents showed the smallest gain -- a 1.24 percent increase -- in year-over-year credit card debt. The average year-over-year gain among all 25 markets was 2.94 percent.
Sacramento ranked 24th among the 25 markets in credit card debt. By comparison, residents in the New York City area had a nation-leading credit card debt of $51.24 billion. The nation's top 25 metro markets have a combined debt of more than $604 billion, up from $586.7 billion in the year-ago period.
Equifax cited an improving economy and increased lending to subprime borrowers for driving a national increase in credit card use.
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