Consumer Confidence on the Rise in First Quarter of 2014
On average, consumers are spending more on higher education and paying off their mortgages quicker
NEW YORK, NY – (Marketwired – Apr. 23, 2014) – Manilla, the leading, free and secure digital mailbox service that allows consumers to manage their bills and other personal accounts on desktop, tablet and mobile devices, today released its latest quarterly report on loans in the United States. The report examines the student, mortgage and auto loan debt of Manilla users, both nationally and by individual market, as of April 1, 2014. This first quarter snapshot shows student loans and auto loans are on the rise, while average mortgage balances have decreased since Q4 2013, pointing to a more stable economy at the beginning of 2014.
“With continued low interest rates for mortgages and a declining unemployment rate, more people are willing to buy homes, pursue education and purchase new cars, which is consistent with our user data,” said Jim Schinella, CEO of Manilla. “Manilla will continue to track its user balances to identify key economic indicators throughout the year.”
Student Loans
The national average student loan balance was $14,578.48 at the close of Q1 2014, versus $14,411.07 at the close of Q4 2013. However, the average loan payment this quarter is $122.85, which is slightly down when compared to last quarter’s average payment of $131.76.
The worst debt offenders for student loans as of April 1 are:
Columbia, S.C.: $19,548.86
Las Vegas, Nev.: $18,588.54
Memphis, Tenn.: $18,460.41
Mortgages
As of April 1, Manilla users were carrying an average of $148,603.92 in mortgage loans, compared to $148,960.99 as of Jan. 1, 2014. Consumers are also paying 21 percent less in their monthly mortgage payments than last quarter, decreasing from $3,617.64 to $2,848.56.
The worst debt offenders for mortgages as of April 1 are:
San Francisco: $316,486.93
Los Angeles: $256,307.02
San Diego: $255,885.73
Auto Loans
As of April 1, Manilla users were carrying an average of $13,263.14 in loan debt, which is slightly higher than the close of Q4 2013 and correlates to the recent uptick in the automotive industry. The Midland Development Corporation found a 26 percent rise in auto sales in Odessa-Midland, Texas, over the last year, which is consistent with the area holding on to the top for a second quarter.
The worst debt offenders for auto loans as of April 1 are:
Odessa-Midland, Texas: $19,378.11
Tyler-Longview, Texas: $18,977.21
Harlingen, Texas: $18,444.45
More from Manilla.com:
The Miami Herald Recommends Manilla as the Best Service to Tidy up Disorganization
FastCompany.com Features Manilla as Top Free App to Get Consumers on Track
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