Louisiana Ranks 7th Highest for Struggling With Credit Card Debt
Published 5:16 pm Wednesday, April 12, 2023
While increasingly more Americans are relying on credit to help pay for everyday purchases or to make ends meet, residents in some states have a greater reliance on credit than others.
To determine which states are struggling the most with credit card debt, Forbes Advisor analyzed newly-released credit card debt and delinquency data from the Federal Reserve Bank of New York for all 50 states and the District of Columbia.
Our study findings reveal that Louisiana ranks 7th among the states where residents struggle the most with credit card debt.
Key Findings for Top Five States:
District of Columbia: Residents in the nation’s capital have the highest average credit card debt nationwide as of Q4 2022 ($4,660) and the district ranked seventh highest for its increase in credit card debt from Q4 2021 to Q4 2022 (15%).
Nevada: Residents in Nevada had the eighth-highest increase in credit card debt nationwide of 15.22% between Q4 2021 and Q4 2022 ($3,050 to $3,860) and have the highest delinquency rate at 10.52%
Texas: As of Q4 2022, Texas has the fourth-highest credit card delinquency rate at 8.67%. The Lone Star State also has the seventh highest credit card debt as a percentage of income at 5.24%.
Florida: Florida’s average credit card debt ranks ninth highest nationally, at $3,940. The Sunshine State also has the third-highest delinquency rate at 9.37%.
Georgia: Georgia has the third-highest credit card debt relative to household income, at 5.90%, as well as the seventh-highest credit card delinquency rate at 8.42%.
Check out the full report for all state rankings, including the methodology and infographics, here: https://www.forbes.com/
Please feel free to reference any of these findings with attribution to “Forbes Advisor” and a hyperlink to our full report. And if you have any questions, I’m happy to help!