SOURCE: Manilla

Manilla

April 18, 2013 11:10 ET

Manilla.com Identifies U.S. Markets With Highest Loan Debt and Offers Insight Into Consumer Borrowing Behavior

New Quarterly Data Examines Student, Mortgage and Auto Loan Debt Across the Nation

NEW YORK, NY--(Marketwired - Apr 18, 2013) -  New data released today from account management service Manilla.com provides a snapshot into where Americans are geographically carrying the most loan debt. The report examines the student, mortgage and auto loan debt of Manilla users, both nationally and by individual market, as of April 1, 2013. Manilla is the leading, free and secure service that allows consumers to manage their bills and other personal accounts on desktop, tablet and mobile devices.

Manilla found that the national averages for student loan and mortgage balances decreased between Q4 2012 and Q1 2013, while the national average for auto loans increased. In total, the average debt held by Manilla users across the nation decreased 3.2 percent over the quarter, from $183,966.62 in Q4 2012 to $178,116.62 in Q1 2013.

"It's no secret that loans are a financial burden that many Americans carry and something many people need help managing," said Jim Schinella, CEO of Manilla. "Manilla helps make the process of juggling multiple loans and staying up to date on payments a simpler process by sending users regular payment reminders and providing a resource for keeping tabs on all accounts."

Student Loans
Nationally, the average student loan balance dropped from $15,455 at the end of 2012 to $12,826.04 at the close of Q1 2013. The average loan payment was also reduced by approximately $10 a month, from $121.66 at the end of 2012 to $112.00 at the end of Q1 2013.

Interestingly, the three markets with the highest student loan balances at the close of Q1 2013 did not appear among the top 10 markets at the end of 2012, possibly pointing to an increase in second-semester enrollment in those areas.

The worst debt offenders for student loans as of April 1 are:

1. Las Vegas: $20,541.36
2. Memphis, Tenn.: $19,956.97
3. Baton Rouge, La.: $19,307.93
4. Washington, D.C.: $18,956.39
5. Richmond-Petersburg, Va.: $18,468.73
6. Birmingham, Ala.: $18,388.33
7. Atlanta: $18,280.10
8. Phoenix: $17,731.39
9. Chicago: $17,045.71
10. Syracuse, N.Y.: $16,925.57

Mortgages
Nationally, the average mortgage balance as of April 1 was $152,620.46, down from an average of $156,345.20 at the end of 2012.

Nine of the top 10 markets with the highest mortgage balances remained consistent between Dec. 31, 2012, and April 1. However, these top nine markets saw an overall decrease in average debt, indicating that Americans are steadily paying off their home loans. The newest addition to the list this quarter is Miami/ Ft. Lauderdale, which joins the bottom of the list, replacing Denver.

The worst debt offenders for mortgages as of April 1 are:

1. San Francisco: $333,857.46
2. San Diego: $269,338.43
3. Los Angeles: $268,872.76
4. New York: $251,993.24
5. Washington, D.C,: $226,194.43
6. Seattle-Tacoma: $203,363.63 
7. Sacramento, Calif.: $199,211.01
8. Boston: $179,677.39
9. Portland, Ore.: $177,580.90 
10. Miami-Ft. Lauderdale: $173,978.49

Auto Loans
The average auto loan balance as of April 1 was $12,670.12, which is up slightly from the national average debt of $12,166.42 at the end of 2012.

The markets with the highest auto loan balances also remained consistent from December to April, with Miami-Ft. Lauderdale, Houston, New York and Tampa-St. Petersburg, Fla., continuing to have among the highest balances.

The worst debt offenders for auto loans as of April 1 are:

1. Little Rock-Pine Bluff, Ark.: $18,406.76
2. Miami-Ft. Lauderdale: $17,287.24
3. Houston: $17,000.46
4. New York: $16,918.36
5. Memphis, Tenn.: $16,153.66
6. New Orleans: $16,098.07
7. Tampa-St. Petersburg (Sarasota, Fla.): $15,908.55
8. Las Vegas: $15,799.31
9. Birmingham, Ala.: $15,746.03
10. Norfolk-Portsmouth-Newport News, Va.: $15,667.67

Manilla's platform provides convenient, secure online access to all household accounts and services for more than 3,500 businesses. The free service helps consumers manage all of their household accounts, including financial accounts, utilities, subscriptions, daily deals and travel rewards programs, all through Manilla.com or via the Manilla Android or iOS mobile apps.

About Manilla
Manilla organizes and simplifies people's lives by providing one secure access point to all household accounts and services. The free service helps consumers manage their household accounts, including financial accounts, utilities, subscriptions, daily deals, and travel rewards programs, all through Manilla.com. Consumers can also use all of the Manilla features on the go by using Manilla's 4+ star customer-rated Android and iOS mobile apps. Under a single password, Manilla gives customers an automated, organized view of all of their account information, text and email reminders to pay bills, renew expiring subscriptions, and manage soon-to-expire daily deals, all with unlimited storage and seamless document retrieval.

Manilla is a company incubated within and backed by Hearst Corporation. Manilla is the recipient of the 2012 Webby Award and People's Voice Award for Best Banking/Bill Pay Service, was chosen as ABC News' App of the Week, and was named one of PCmag.com Top 100 Websites of 2012. For more information, please visit www.manilla.com.

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