Average Credit Card Debt By State, Revealed

Share

ChamberofCommerce.org Publishes Report Detailing Average Credit Card Debt by State
 
August 6, 2019 – ChamberofCommerce.org has released a report breaking down the average credit card debt that Americans owe by state. Rather than harp on the often-cited national figure of $1 trillion, the report aims to help by focusing on particular states, specific dollar amounts, startling statistics on interest and minimum payments, and revealing correlations regarding the credit card vice that’s currently gripping Americans – some worse than others.

The following are the three states with the highest credit card debt, followed by the three with the lowest.

Highest Average Credit Card Debt
Alaska: $10,685     
Virginia: $9,120
Texas: $9,100

Lowest Average Credit Card Debt
Iowa: $6,726
Wisconsin: $6,737
North Dakota: $7,068

See every state’s average credit card debt, as well as descriptive graphics and analyses: https://www.chamberofcommerce.org/credit-card-debt-by-state

The over-use of credit cards has caused seemingly insignificant minimum payments to take thousands of dollars from unwitting (or financially-helpless) Americans in the form of interest. ChamberofCommerce.org found that individuals in several states are spending an extra $10,000 on their credit card purchases by only paying the minimum each month, something the Federal Reserve confirms is the norm for over 40% of debt-carrying Americans.

ChamberofCommerce.org created this report by compiling and analyzing data from the Federal Reserve (total credit card balances) and the U.S. Census Bureau (median annual household income). Interest payments and other related statistics were calculated separately using the aforementioned data.

***Report Courtesy of ChamberofCommerce.org***

Spread the word

Trending Now

Featured News Podcasts

Subscribe to our Community Newsletter

By submitting this form, you are consenting to receive marketing emails from: Prairie Communications, 55 Public Square, Monmouth, IL, 61462, https://977wmoi.com/. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Choose a Category

Continue Reading

Watch Out for Scams this Tax Season!

As another tax season has arrived, Monmouth Police Department Investigator Josh Kramer reminds taxpayers to be on the lookout for those IRS scam letters: “They will be claiming that you