The National Average Credit Score

Check out this article about New Hampshirirites having more debt but being more responsible about it! The national average for credit scores is now 673. Do you know where you stand compared to others? If you don't, go to my web site and get yours now, http://www.iwantafreecreditreport.com.



Study: N.H. residents have more credit cards, debt, better credit
February 25, 2007

CONCORD, N.H. --A study by credit reporting agency Experian finds New Hampshire residents have more debt and charge cards than people in other states, but also are better at managing their credit.

An analysis of 3 million people who sought credit reports from the agency included 12,000 New Hampshire residents. It found the typical New Hampshire resident owes $17,200 in revolving payments for credit cards, cars and home equity loans while the national average is $12,100.

The study also found that the average New Hampshire consumer keeps 5.3 credit cards, higher than the national average of four. But while New Hampshire residents might be deeper in debt, they appear to handle it more responsibly than others -- the state ranks sixth best in the nation for credit scores. The average score here is 701, or 28 points higher than the national average of 673.

"While it might be surprising (that New Hampshire consumers) might have more debt on average, more credit cards on average, in general, on average, they're managing that debt," said Pete Bolin, who conducted the Experian study.

The trend corresponds to a regional profile -- New Englanders as a whole have more debt but better credit scores than their fellow Americans.

Gerald Little, president of the New Hampshire Bankers Association, calls it a modern-day twist on the old stereotype of the penny-pinching Yankee.

"The flinty Yankee is clever about the way they use the cards and understands them and is probably taking advantage of things like points programs," he said.

Of course, there are exceptions.

Dave Deziel of Credit Counseling Services of New Hampshire and Vermont sees the people trying to get their credit under control. The average client has more than 9 credit cards owes around $21,000. Many are elderly and got into trouble by relying on credit cards to get through an emergency, he said.

"As a state, we're pretty well off, so it doesn't surprise me that we might have a significant number of people with more credit cards in their wallet than in other parts of the country," he said. "You've got to remember that credit cards are financial tools. Some people use those tools very well, and some don't."

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Information from: Concord Monitor, http://www.cmonitor.com