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 9^th 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.