Texans have less than half the household debts of Californians, and 28 percent less than the national average, according to the Federal Reserve Bank of New York.
…Low debt levels do not necessarily make Texans better credit risks, however. Texas has the nation’s second-lowest credit scores. (Mississippi ranks last.) On a scale of 500 to 990, Experian says the average Texan’s score is 717. The national average is 749.
The lower score is due mainly to a history of late loan payments.
…Dana Johnson, chief economist with Dallas-based Comerica Bank, said lower unemployment and lower overall household debt should still make it easier for Texans to spur economic growth.
“Typical Texas workers are carrying less debt because they don’t have to – house prices are relatively modest,” he said.
“If Texans are less burdened with debt, it’s all the easier for them to make an acquisition of something like a car or some other durable purchase. I don’t think there’s any question,” Johnson said.
…Average mortgage debt in Texas is $23,999.