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San Francisco Residents to Get Best Interest Rates

By Sally Maison
Published: Saturday, November 14th, 2009

Residents of the San Francisco Metropolitan Area are likely to get the best interest rates from card issuers after posting the highest average credit score in the country. A recent survey revealed that San Francisco is the only metropolitan statistical area (MSA) in the United States which has an average credit score above 700. With San Francisco’s credit score topping other metropolitan areas at 707, experts say it is only natural for its residents to enjoy premium plastic deals from banks and other creditors.

San Francisco Residents to Get Best Interest RatesIndustry specialists note that the average credit score of Americans is 671 while residents of the western part of America have theirs at 682. They also note that the average card debt rose by 14 percent from September to October. The credit card debt for the Midwest and Northeast portions of the United States went up by 16 percent and 17 percent respectively, recording the highest rise in consumer card debts. Among metropolitan areas, Philadelphia posted the highest jump at 28 percent.

As of last month, the average consumer with a card account holds a credit card debt of $7,573. In addition, he owes $194,372 for home mortgage loans, $54,039 in home equity, $14,729 in auto loans, and $26,417 in student loans. It means that an average American carries debts totaling to $297,130.
Finance analysts say consumers are feeling confident about spending as the holiday approaches and those who had gotten rid of debts over the last months feel that they are ready to acquire new ones. But analysts record that credit scores are highest in areas which has the lowest increase in card debts, encouraging consumers to remain prudent on their spending.

Specialists also note that 40 percent of consumers managed to improve their credit score last October but the national average still went down by a point from September to October to 671. The year started with consumer ratings averaging at 676.

Analysts have strong reason to believe that retail stores in Metropolitan San Francisco will be busier this Holiday Season despite fears from majority of retailers that consumers will be spending less this year. According to experts, consumers in the area are likely to see interest rates on their cards go down because their excellent credit score. They add that the improvement in ratings will encourage San Francisco shoppers to spend more during the Holidays.

Cardholders who are still struggling with their bad credit rating are expected to be charged with interest rates above 20 percent but experts encourage them to cheer up since they can instantly boost their score by paying bills on time.

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