Report Says Missourians Have Lower Debt
COLUMBIA - A report released Monday from the Federal Reserve Bank of Kansas City said Missourians keep their debt in check. The report compared Missouri consumer debt levels to National consumer averages.
According to the report, Missouri residents on average owe less consumer debt than most Americans. It took into account debt from consumer spending on things like car loans, student loans and credit cards.
It showed that, while the average American owes $17,000 in consumer debt, the Missouri average is considerably lower at $14,000. Missourians also typically do not hold as much revolving debt as their national counterpart, with Americans at $7,700 and Missouri borrowers at $5,100.
Columbia resident Carolyn Paris shared why she thought Missouri has a better reputation. "Part of it is just the argricultural roots that we have, where we are a little bit more conservative and don't like to show off much. That may be part of it," she said.
While people in Missouri tend to borrow less, they still have difficulty paying back what they owe. The report shows Missouri to be right around national averages when it comes to deliquent payments on car and students loans, as well as credit cards.