WalletHub: New Jersey ranks 9th among the states with the highest credit card debt increases

NEW JERSEY – New Jersey ranks 9th among the states with the highest credit card debt increases, according to a WalletHub study.

The personal-finance website WalletHub Tuesday released its latest rankings of the States With the Largest & Smallest Credit Card Debt Increases, based on newly released data from TransUnion and the Federal Reserve, adjusted for inflation.

New Jersey Stats

• Increase in New Jersey Debt: The average credit card debt in New Jersey increased by $1,322,962,947 in Q2 2024.
• Average New Jersey Household Debt: The average household in New Jersey owes $9,346 in credit card debt.
• New Jersey Rank: New Jersey’s credit card debt increase ranks as the 9^th highest in the nation.

National Stats

• Q2 Results: At $36 billion, the increase in credit card debt during Q2 2024 was around 17% smaller than the increase in Q2 2023.
• Debt Is Far Below the Peak: Total credit card debt is roughly $1.28 trillion after the Q2 increase, which is around 13% below the inflation-adjusted peak from December 2008.
• Household Debt Shows Breathing Room: The average household credit card balance as of Q2 2024 is around $10,680 after adjusting for inflation. That’s $1,991 below the peak from Q4 2007.
• Interest Rates Remain High for Now: The average credit card interest rate is 22.76%, which is just shy of a record high.
• Early Q3 Results: Preliminary data for July shows a new record high for the month in absolute terms, but when you adjust for inflation, there was a 4% increase in credit card debt compared to the same month last year (and no new record).
• Best Balance Transfer Credit Cards: The best balance transfer credit cards currently offer 0% APRs for up to 21 months with no annual fee and low balance transfer fees.