10 States With the Highest Credit Card Debt
Credit card debt: many people carry it, but few people talk about it. Nearly four thousand dollars is the average. These ten states carry the most.
Credit card debt: many people have it but few people talk about it. The consumer finance company Experian recently produced a report that shows that the average credit card holder had a balance of $3,769 in the last quarter of 2014.
This number doesn't show how long the debt has been held, just the balance during the billing cycle. But, many people who have credit card debt do not make full payments every month. With interest rates on some cards as high as 25% or more, costs can easily snowball over time.
Wondering how your credit card debt compares with your neighbors'? Residents in these ten states have the highest average balances:
Debt in this high altitude state is higher than the national average. People in Colorado have an average debt of $4,152 per cardholder.
9. Rhode Island
People in the smallest state carry a large average balance, with credit card debt of $4,178 per person. This is an average of $59 higher than at the same time last year.
Virginians carry, on average, a credit card balance of $4,225. According to Debt.org, people in the state carry higher than average levels of student loan and mortgage debt, as well. But, the high spending levels may be a reflection of higher incomes; at an average of $60,000 a year, Virginia has the eighth highest average income.
People in Georgia can an average credit card debt of $4,225. The state is number one in student loan debt, with 1.5 million Georgians carrying an average of just over $30,000 in debt for school.
The average credit card debt in Delaware is $4,272.
5. Washington D.C.
In the state's capitol, residents carry an average debt of $4,332 on their credit cards. This is up $84 from the same time last year.
The average Maryland resident's credit card debt comes in at $4,355. The state, however, is considered the richest in the country, with an average income of $69,272.
Connecticut residents' average credit card balance is $4,500. This is $71 higher than it was last year.
2. New Jersey
In New Jersey, the average credit card balance is $4,593. Between that and other types of debt that include mortgages and student loan debt, New Jersey residents owe, on average, $62,300.
This state leads the country in credit card debt with an average debt of $4,653. Many people in Alaska depend on seasonal employment related to construction, fishing and tourism. Unpredictable income can make it financial planning more difficult, which can be responsible for higher levels of debt.
While most people do not feel comfortable talking about debt, it's important to know that you are not alone. Overcoming negative feelings and confronting debt can allow you to make payment arrangements, settle your debts and gain access to greater economic opportunities.
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This article was published on 28 May 2015 and has been viewed 0 times