How Bad Are New Yorkers with Credit Card Debt? Very Bad.
New Yorkers are bad with money, who knew?
If you have a credit card, how high is your debt? If you have everything paid off, you're in the minority.
A new study has found that New York has some of the highest credit card debt in the nation, surpassing states like Massachusetts, Connecticut, Pennsylvania, and Georgia.
Is this something we should be embarrassed about, though?
NY Among Top 5 States with Highest Credit Card Debt
WalletHub has been tracking the nation's credit card debt and reported the tab swelled from the first quarter of the year to $1.2 trillion in Q2.
Using consumer-finance data from TransUnion and the Federal Reserve, they found New York is among the handful of states that contributed the most to this increase.
In all, our state had the 4th highest jump in credit card debt in the nation.
Our state's collective debt category increased by $2,821,527,680 in the second quarter alone. Looking further, WalletHub found the average family household in New York owes $8,964 in credit card debt.
The Nation Isn't Doing So Hot Either
If you thought New York was bad, check out #1 California with the average household owing $9,796 or #2 Texas with an average bill of $9,216.
Florida was the only other state to outpace New York, with credit card debt averaging $9,053 per household.
View this post on Instagram
The state that came in dead last was Wyoming, with an average of $7,667 in credit card debt per household - and that's still a lot!
When taking a step back to look at the continental U.S., Americans added $43 billion to that particular debt category by the end of Q2 2023, which is the second-largest increase in the second quarter ever.
Looking back at this time last year, the nation heaped on 16% more debt. Looking at the preliminary data from July, credit card debt rose 7.72% from the same time last year.
Most of all, WalletHub found the average household credit card balance came to $10,170 by the end of the second quarter, which is just below the record previously set in 2004.
Q2 2023's average debt is just $2,242 less than the historic high from Q4 2004.
The problem is Americans are about to pay a lot more come next month when student loan repayments come due again, meaning people may be forced to borrow even more money to stay afloat...
Not only that, we are already paying historically high prices for just about everything, so it's no wonder so many people have added to their overall debt - we're being bled dry no matter what we do to save cash.
Makes you wonder what the next quarter will bring.
Check out how each state fared below:
What state shocked you the most?