June 28, 2013
Phoenix-area residents trimmed their debts by a fairly robust 4.4 percent over the past year, reported credit researcher Equifax.
Of 25 large metro markets surveyed, the debt reduction for the Phoenix metropolitan area was the third biggest in percentage terms, after drops of 5.9 percent in Las Vegas and 5.5 percent in Miami. All three metro areas were hit hard by the housing bust, and some of the debt reduction reflects foreclosures on which obligations were written off, Equifax said.
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