Average credit card debt by state graphic

[GON]

Interesting graphic.

Wisconsin comes in as the state with the lowest average credit card debt. Alaska and Washington DC as the highest.

Asked myself why Alaska and WDC were the highest. No idea, but one could speculate their residents have high costs of living, and are simply heavier users if using credit cards

 

[Chris142]

I was down into the $3k area on mine. Trying to get it paid off then we had a big vet bill come up so I'm at the state average again

 

[Pew]

I think it works be interesting to see a similar graphic with credit limit to income ratio and percentage of used credit.

 

[RhondaHonda]

Is this debt more than one month old? I charge quite a bit more than the average monthly but pay it off each month.

 

[mk378]

The difference between states is not that large. The highest state is under twice the lowest.

The bars at the bottom are a more meaningful statistic: time to pay off based on income. High income in some states makes all numbers related to household finances proportionally higher. The debt is still manageable.

 

[GSCJR]

I charge less than average to my CC, and pay it at the end of each month.

 

[SupremePossum]

Well, I have over $20K on my primary credit card, but I won't pay any interest until September 2025. I have plenty of money, enough to pay it off completely, but there is no reason

When it gets close to September we will pay it down to zero, and apply for another 18 month interest free card, or one with super good rewards

So for the stats on me, its almost useless

 

[javacontour]

I'd say we charge close to the state average on our cards each month. However, we pay the balance in full. We get airline miles or cashback, so it works for us.

The only balance I "carried" was my Apple Card because my iPhone 15 Pro purchase was 3% cash back from Apple and was also 24 months 0% interest.

Yep, I think I've spent $2k on my Chase SWA card this month and about $500 on our Sam's Club card. oilBabe has likely spent the same. Payments are already set up to pay the balance in full.


A snapshot in time of a balance is pretty meaningless. How much balance is carried over to the next month is more meaningful.

 

[javacontour]

I think it works be interesting to see a similar graphic with credit limit to income ratio and percentage of used credit.

Yep.

I spend (not carry) about our state average. I think my utilization is about 4% of what banks think I can handle.

Obviously, I have different thoughts on the matter

As I mentioned above, as snapshot of balances doesn't tell us if the cardholder pays off the debt each month. Nor does it address your point.

Carried balances and credit utilization are likely more meaningful than raw balance figures.

 

[CKN]

This subject of debt and credit cards has been discussed to death on here....

 

[SupremePossum]

This subject of debt and credit cards has been discussed to death on here....

So has oil

 

[CKN]

So has oil

Yea- Im going on vacation and my oil has 1,000 miles on it- and I plan to use a credit card to buy oil, and I'm not sure if I should buy 0w/ 20 that speced or 5w/ 30 that according to my research when I'm sitting in the bathroom on my phone is better. What should I do?

 

[SupremePossum]

Yea- Im going on vacation and my oil has 1,000 miles on it- and I plan to use a credit card to buy oil, and I'm not sure if I should buy 0w/ 20 that speced or 5w/ 30 that according to my research when I'm sitting in the bathroom on my phone is better. What should I do?

Depends, will you get more points buying the 0W or the 5W?

 

[andrew_j]

I don’t have one. I got into $1000 of debt after graduation at 12% with a car repair. Paid it off in 1995 and never opened another.

 

[Wireman1987]

Well, I have over $20K on my primary credit card, but I won't pay any interest until September 2025. I have plenty of money, enough to pay it off completely, but there is no reason

When it gets close to September we will pay it down to zero, and apply for another 18 month interest free card, or one with super good rewards

So for the stats on me, its almost useless

but, what is the reason behind carrying the debt?

 

[Shel_B]

but, what is the reason behind carrying the debt?

Seems like it's an interest-free loan. I'll always "go into debt" for an interest free loan, although always is rarely. In the last six years that's been twice, once for $3,000 and once for $7,000. In both cases the $$ was there to pay off the debt at any time, and in both instances the indebtedness was paid off without incurring any charges or fees, i.e., free money.

 

[AZjeff]

If the free money is used to make money it makes sense.

 

[Rmay635703]

Well, I have over $20K on my primary credit card, but I won't pay any interest until September 2025. I have plenty of money, enough to pay it off completely, but there is no reason

When it gets close to September we will pay it down to zero, and apply for another 18 month interest free card, or one with super good rewards

So for the stats on me, its almost useless

My mom did that for decades to offset her extremely low income while reducing interest paid on the mortgage.

Sadly all the true ZERO percent cards died being replaced with a 4% up front transfer fee.

 

[tbm5690]

Yeah I don't know how much this chart is skewed due to the many like me and others who already posted that carry a monthly balance at or above the average on the chart that gets paid off monthly. I would guess these numbers, then, are artificially high? I sure hope so as absolutely everyone should be appalled by the thought of paying the typical rate if you actually carry a balance.

 

[GON]

My mom did that for decades to offset her extremely low income while reducing interest paid on the mortgage.

Sadly all the true ZERO percent cards died being replaced with a 4% up front transfer fee.

That is good to point out the "fee" often charged with zero percent balance transfer offers. The banks know what they are doing- no free lunch.