Study shows Coloradans decreased debt during the first year of the pandemic

Local News

DENVER (KDVR) — When it comes to lowering your debt, a new report finds Coloradans faired pretty well during the first year of the pandemic.

Nationwide, the research shows Colorado actually had the 10th largest decrease in debt overall.

Analysts over at QuoteWizard ran through the data and found on average, Coloradans had a 12% decrease in subprime credit scores, a nearly 4% decrease in debt collection, a 70% drop in credit card delinquency and a 31% decrease in student loan delinquency.

“Even though other states may have done better in credit card delinquencies and student loans, Colorado is one of the few states that actually saw the amount of money in debt collection decline during the pandemic. It went from $1,682 to about $1,600. It might not sound like a lot, but when you add that up over a certain amount of people that is a huge decrease in debt,” said Nick VinZant, a senior research analyst at QuoteWizard.

The decrease in student loan and delinquency in our state is actually one of the biggest decreases analysts saw nationwide.

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