People in the U.S. are struggling with credit card balances like never before. The total amount of American credit card debt has reached $1.13 trillion. A tough economy with high inflation has made more people rely on their credit cards to pay for what they need.
The average credit card debt is now $3,950, going up by 13.50% year over year. Some states have people struggling more with credit card debt than others, with some people paying a high percentage of their income toward their debt. According to Forbes Advisor, these are the states that are struggling the most under this type of debt.
Florida
Floridians pay a lot to live near the beach. The state gets a perfect score of 100 for its average credit card debt of $4,540. This makes up 6.95% of the average income of those debt holders.
Louisiana
Louisiana has experienced the same rapid inflation that we all have. It has a score of 99.73 for its $3,300 average credit card debt, which makes up an average of 5.66% of the income of those in debt.
Texas
Texas earns a score of 99.20 for its people’s deep pit of debt. Texans have an average of $4,200 in credit card debt, equaling about 5.63% of the average income. This is a year-over-year increase of more than 11%.
Nevada
With a score of 97.46, Nevada residents’ problem with credit card debt is growing. The average person has $4,490 in this debt, and this is 6.21% of their income. This is year-over-year growth of 12.95%.
Georgia
A score of 92.50 is given to Georgia for its average of $4,180 and how much that number has grown. This is 6.17% of the average income. This represents a yearly growth of 10.50%.
California
California has a score of 89.42 for its economics around credit card debt. People have an average of $4,450, representing 5.22% of income for 10.23% growth year over year.
New York
The expense of living in New York has driven New Yorkers to have an average of $4,470 in credit card debt. This is 5.89% of the average income, giving this state a score of 89.29.
South Carolina
With a score of 86.75, South Carolinians have an average credit card debt of $3,600. This may not sound like a lot, but it’s 5.83% of the average income and a growth of 10.40% over a year.
Delaware
Tiny Delaware is big on debt. The state gets a score of 82.06. The average person has $4,120 in credit card debt, making up 5.10% of the average income. This has grown by 9.98% over a year.
Rhode Island
With a score of 81.26, Rhode Island residents have a lot of debt. They carry an average of $4,070 in credit card debt, totaling 5.05% of income, and that’s grown 9.30% over the last year.
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