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(EstateNewsWire.com, October 22, 2012 ) San Francisco, CA- TransUnion, which keeps track of consumer nationwide records, has reported that Alaskan borrowers are at the highest credit debt in the nation. The average per borrower is now at $7,000, with the second highest state being Colorado at $5,700.
TransUnion notes that high cost of living factors such as fuel prices and general medical costs could be contributing factors to individuals turning to credit as a solution.
Art and June Reynolds of Anchor Point are not surprised that Alaskans are overspending.
“Being Alaskans we're kind of frivolous at times; we see things we want and we buy them, that's not our policy personally. We spend what we can pay off at the end of the month,” said Art Reynolds.
June even has a theory on why Alaskans spend over their limit.
“They overspend on their dividend check, they always have, we were here since the first dividend check came out and the bonanza is great but they don't realize they get into a spending habit and they continue on,” she said.
Matt Novakovich of Anchorage has a theory on the overreaching expenditures as well. “It's cold in the wintertime, we get bored and when people are bored they spend more money,” he said.
“The desire to go on a vacation is pretty eminent here, for me to get my family out of the state it's three or four thousand dollars just to get the plane tickets… most of us don't have that kind of money so it's an easy thing to jump on and say 'Hey, just use my credit card,'” said Novakovich.
Experts say that it is important to keep in mind what overspending can do to one’s credit rating. Vice President of Community Development with Wells Fargo in Anchorage, Judish Crotty, notes that paying debts on time is a way to improve one’s score.
“Have one or two credit cards, pay your bills on time, know your limit and do not exceed 30 to 50 percent of your credit card limit,” said Crotty.
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