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: $10,685Â Â Â Â
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.
About ChamberofCommerce.org
ChamberofCommerce.org is a website dedicated to helping small business owners and entrepreneurs start, market, finance, and grow their businesses. By creating in-depth guides, how-tos, and reviews covering relevant business products, ChamberofCommerce.org hopes to help readers move past the pitfalls that are often to blame for small business failure.
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