Consumer borrowing picks up slightly in Missouri

As borrowing edged up across the nation, Missouri also saw a slight increase in third-quarter borrowing, according to a new survey by the Federal Reserve Bank of Kansas City.

The Kansas City Fed’s latest consumer credit report indicates average consumer debt increased $70 in Missouri, to $15,347. Though 7.2 percent higher than it was in the second quarter of 2012, that figure is 10.8 percent lower than the national average of $17,205. It’s also below the average debt in the Federal Reserve’s Tenth District, which includes Colorado, Kansas, western Missouri, Nebraska, northern New Mexico, Oklahoma and Wyoming.

The report noted a rapid increase in student and auto loans, which appear to be the primary drivers of the increase in average consumer debt for Missourians. The debt figure excludes first mortgages.

Missouri’s consumer delinquency rates, reflecting loans that are at least 30 days past due, saw little change from the previous quarter. But the state’s delinquency rate of 4.7 percent is significantly lower than the national average of 5.8 percent.

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