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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 Monday released its latest rankings of the States with the Largest & Smallest Credit Card Debt Increases in Q2, based on newly released data from the Federal Reserve.

New Jersey Stats:

  • Increase in New Jersey Debt: The average credit card debt in New Jersey increased by $1,344,521,250 in Q2 2023.
  • Average New Jersey Household Debt: The average household in New Jersey owes $9,468 in credit card debt.
  • New Jersey Rank: New Jersey’s credit card debt increase ranks as the 9th highest in the nation.

National Stats:

  • Large Debt Increase. Consumers ended Q2 2023 with almost $43 billion in additional credit card debt. That is the second-largest Q2 increase ever.
  • Year-Over-Year Deterioration. We added 16% more credit card debt in Q2 2023 than the same quarter last year.
  • Early Q3 Returns: Preliminary data for July shows a 7.72% increase in credit card debt compared to the same month last year.
  • High Average Household Debt. The average household credit card balance was $10,170 at the end of Q2 2023. That’s $2,242 below the record, set in Q4 2007.
  • Best Balance Transfer Credit Cards. The best balance transfer credit card is the Citi Simplicity® Card. It offers a 0% introductory APR for the first 21 months, does not charge an annual fee, and has a competitive balance transfer fee.

Source: WalletHub

Here are the top 5 states with the highest credit card debt increases:

  1. California
  2. Texas
  3. Florida
  4. New York
  5. Illinois

Here are the top 5 states with the lowest credit card debt increases:

  1. Wyoming
  2. Vermont
  3. North Dakota
  4. South Dakota
  5. Alaska

To see the full list, click here.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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