To live and borrow in L.A.: Student debts, weighty mortgages
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Student debt has jumped 6% over the last year as tuitions and fees rise and financial aid is harder to come by, according to data tracker Credit Karma in San Francisco.
In the Los Angeles metropolitan statistical area, students who had borrowed money for their college education typically owed $31,233, compared with a national average of $29,932, Credit Karma said this week.
Some other comparisons of averages for the nation and the L.A. statistical area, which includes Los Angeles, Orange, Riverside, San Bernardino and Ventura counties:
Credit card debt: $6,187 in the L.A. area vs. $6,355 nationally
Auto loan balance: $15,399 in the L.A. area vs. $15,241 nationally
Credit score: 688 in the L.A. area vs. 666 nationally.
The one big difference -- no surprise, considering SoCal’s still-comparatively-pricey housing markets -- was the typical amount of mortgage debt that homeowners had shouldered.
In the Southland MSA, borrowers on average owed $346,888 on their homes, Credit Karma said. Nationally the amount was $173,232.
-- E. Scott Reckard
Los Angeles Times