These 4 US States Have the Most Credit Card Debt
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The top four most populous states in the US have racked up the most credit card debt, a new report released Tuesday from the New York state comptroller says.
California has the largest amount of credit card debt. Consumers in the Golden State were collectively more than $106.8 billion in credit card debt by the end of 2017, according to the numbers from Comptroller Thomas DiNapoli, whose office used statistics calculated in February by the Federal Reserve Bank of New York. That number, however, does not measure credit card debt per capita, so based on it it’s impossible to say whether Californians tend to carry higher credit card balances than other people in the US. (According to a 2016 study by creditcards.com the states with the heaviest debt load per capita are Alaska and New Mexico, while North Dakota and Iowa have the lowest.)
Texas clocked in at the No. 2 spot on the list, with a total of $67.3 billion in debt accumulated on credit cards across the state. Florida and New York were close behind, with $59.2 billion and $58.1 billion in charged debt respectively.
Americans’ total credit card debt reached an estimated $931 billion in 2017, according to a recent study by NerdWallet. That is a 7% year-over-year increase from 2016. And the average US household carries a balance of $15,654 on their credit card bills. (Remember that carrying that kind of balance on a travel reward will negate any points and miles benefits, as noted in TPG‘s 10 commandments for travel credit cards).
At the end of 2017, the Consumer Financial Protection Bureau released its biennial report to Congress that showed Americans have a total of $4 trillion in available credit lines. That number is approaching the highest national available credit on record of $4.4 trillion, reached in mid-2008 during the financial crisis.
According to the New York comptroller’s numbers, the other states with the top 10 highest balances in credit card debt are: Pennsylvania with $33.2 billion, Illinois with $32.2 billion, New Jersey with $29.6 billion, Ohio with $26.7 billion, Virginia with $26.5 billion and Georgia with $26.3 billion.
Featured image by mixetto/Getty Images.
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