Credit Card Debt Falls 20 Percent In San Fran

Average credit card debt has decreased by 20 percent in San Francisco from July 2010 to July 2011, the San Francisco Business Times reports. This is below the national average, which fell to $6,355 in July 2011, an 18 percent decrease from the previous year. Credit card debt fell 19.5 percent in California alone over the past year, with credit scores averaging 684. In San Francisco, the average credit score is 702, well above the national average of 666. It seems that San Francisco is in better financial standing than many southern California cities, including Los Angeles. According to Forbes, the average Angelino household owes 16.81% of its total income in credit card debt. This ranks them amongst the worst cities in the country in that respect. However, home mortgage debt in San Francisco is well above both the national and state averages of $173,232 and $316,662 respectively, averaging $403,058. This is, no doubt, due to the high demand to live in the Bay Area, which heightens property values. Additionally, student loan debt for the average San Franciscan is above the national average and has increased 4 percent over the past year to $33,057. The California community college system has created a $68 million scholarship fund to benefit students from underprivileged areas, an attempt to undercut the poor state of the economy. Perhaps this will decrease San Franciscans' debt load even further going into the new school year. But today, even in a volatile economy, San Francisco's future credit is looking up.