EQUIFAX INC. ATLANTA, Dec. 10, 2014 /PRNewswire/ -- Fueled by a stronger economy and improved housing market, many of the nation's largest metro areas experienced increases in total consumer debt during the third quarter, according to the latest Equifax (NYSE: EFX) National Consumer Credit Trends Report.
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Of the nation's top 25 metro markets, 17 posted increases in total consumer debt in the third quarter compared to the same period a year earlier. Houston (+6.5 percent), Denver (+4.3 percent) and Dallas (+4.1 percent) easily outpaced the other cities. Also in the top five in terms of growth were Phoenix (+2.2 percent) and Boston (+1.6 percent).
Several of the pacesetting cities reported large increases due, in part, to growth in their labor force, defined as the total adult population employed or looking for work. Houston, for example, had more than double the increase in year over year labor force growth than the rest of the U.S. as of the end of the third quarter (4.3 percent vs. 2.0 percent). Additionally, each of the top 5 metro areas - with the exception of Phoenix - have unemployment rates significantly below the U.S. average.
"In general, it appears the economies of many of the largest metro areas are doing well and those cities are growing again," said Trey Loughran, president of Equifax Personal Solutions. "People are finding and keeping their jobs, which in turn allows them to feel confident enough to use credit to buy a home, a car, or new furniture."
Three Florida markets, Miami (-3.3 percent), Tampa (-1.1 percent) and Orlando (-0.29 percent), witnessed declines in borrowing in the third quarter. Joining them with negative numbers were the Midwest cities of Cleveland (-0.84 percent), Detroit (-0.70 percent) and Chicago (-0.54 percent), along with Philadelphia (-0.52 percent) and Las Vegas (-0.13 percent).
These cities saw a decrease in overall debt because of a drop in mortgage debt. However, every one of the top 25 metro markets saw positive growth in auto, bank card and retail card debt.
"Areas such as Miami and Las Vegas are still feeling the effects of the housing market decline and consumers are slower to take on mortgage or home equity debt," said Loughran.
Consumer debt for the U.S. as a whole grew by nearly one percent year over year, from $9.82 trillion in the third quarter of 2013 to $9.91 trillion in 2014, according to the Equifax report. The consumer debt totals include lending for mortgages, autos, home equity loans, bankcards and retail.
Total Consumer Debt: Top 25 Metropolitan Statistical Areas Q3, 2013 Q3, 2014 % Change
Q2, 2013 v. Q3 2014
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1 New York-Northern New Jersey-Long Island NY-NJ-CT-PA $865,464,210,366 $865,468,682,391 0.00%
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2 Los Angeles-Riverside-Orange County CA $808,957,248,867 $813,890,437,328 0.61%
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3 Chicago-Gary-Kenosha IL-IN-WI CMSA $332,311,867,268 $330,522,038,006 -0.54%
--- ---------------------------------- ---------------- ---------------- -----
4 Washington-Baltimore DC-MD-VA-WV CMSA $504,727,867,507 $510,545,795,574 1.15%
--- ------------------------------------- ---------------- ---------------- ----
5 San Francisco-Oakland-San Jose CA CMSA $485,853,267,114 $492,496,623,890 1.37%
--- -------------------------------------- ---------------- ---------------- ----
6 Philadelphia-Wilmington-Atlantic City PA-NJ-DE-MD CMSA $230,934,256,449 $229,737,404,555 -0.52%
--- ------------------------------------------------------ ---------------- ---------------- -----
7 Dallas-Fort Worth TX CMSA $176,677,417,138 $183,976,081,691 4.13%
--- ------------------------- ---------------- ---------------- ----
8 Boston-Worcester-Lawrence MA-NH-ME-CT CMSA $264,113,192,655 $268,444,618,384 1.64%
--- ------------------------------------------ ---------------- ---------------- ----
9 Houston-Galveston-Brazoria TX CMSA $152,545,500,598 $162,446,488,831 6.49%
--- ---------------------------------- ---------------- ---------------- ----
10 Detroit-Ann Arbor-Flint MI CMSA $137,605,297,755 $136,640,237,604 -0.70%
--- ------------------------------- ---------------- ---------------- -----
11 Atlanta GA MSA $182,878,998,115 $184,662,369,130 0.98%
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12 Miami-Fort Lauderdale FL CMSA $140,052,868,361 $135,398,617,625 -3.32%
--- ----------------------------- ---------------- ---------------- -----
13 Phoenix-Mesa AZ MSA $147,117,666,603 $150,346,202,677 2.19%
--- ------------------- ---------------- ---------------- ----
14 Seattle-Tacoma-Bremerton WA CMSA $214,852,393,587 $217,543,152,014 1.25%
--- -------------------------------- ---------------- ---------------- ----
15 Minneapolis-St. Paul MN-WI MSA $137,789,667,893 $139,413,398,818 1.18%
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16 San Diego CA MSA $165,869,547,842 $167,180,947,015 0.79%
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17 Denver-Boulder-Greeley CO CMSA $137,826,137,295 $143,713,299,539 4.27%
--- ------------------------------ ---------------- ---------------- ----
18 Cleveland-Akron OH CMSA $71,638,020,618 $71,033,881,907 -0.84%
--- ----------------------- --------------- --------------- -----
19 Tampa-St. Petersburg-Clearwater FL MSA $83,232,790,548 $82,351,153,507 -1.06%
--- -------------------------------------- --------------- --------------- -----
20 St. Louis MO-IL MSA $80,509,945,156 $80,774,618,409 0.33%
--- ------------------- --------------- --------------- ----
21 Portland-Salem OR-WA CMSA $105,583,046,851 $107,094,861,390 1.43%
--- ------------------------- ---------------- ---------------- ----
22 Pittsburgh PA MSA $52,781,495,960 $53,547,202,533 1.45%
--- ----------------- --------------- --------------- ----
23 Las Vegas NV-AZ MSA $67,476,171,154 $67,385,740,608 -0.13%
--- ------------------- --------------- --------------- -----
24 Sacramento-Yolo CA CMSA $91,349,089,401 $92,174,737,315 0.90%
--- ----------------------- --------------- --------------- ----
25 Orlando FL MSA $67,491,575,295 $67,295,222,675 -0.29%
--- -------------- --------------- --------------- -----
National Total $9,817,287,098,322 $9,912,980,478,297 0.97%
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About Equifax
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
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SOURCE Equifax Inc.
