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Data reveals states with the highest credit card debt

By Daniella Genovese
Published  September 18, 2023 12:18pm CDT
Personal Finance
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Californians are racking up the most credit card debt, according to recent data from personal finance website WalletHub. 

Currently, consumers across the nation hold $1 trillion in credit card debt.

In 2022 alone, $116 billion in new credit card debt was added as inflation continued to weigh on household budgets. In the second quarter of 2023, consumers added almost $43 billion, which marks the second-largest increase during that period to date, according to WalletHub.

For the average household, credit card balances sat at about $10,170 at the end of the second quarter, only $2,242 less than the record set during the fourth quarter of 2007, during the Great Recession.  

CREDIT CARD DEBT HITS $1T FOR THE FIRST TIME EVER

WalletHub compared the 50 states based on the latest consumer-finance data available from TransUnion, the Federal Reserve and the Bureau of Labor Statistics, adjusted for inflation.

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American Express, MasterCard and Visa credit cards are displayed for a photograph in New York, U.S., on Tuesday, May 18, 2010. (Credit: Daniel Acker/Bloomberg via Getty Images)

According to the data, the average household in California had nearly $10,000 in credit card debt during the second quarter. Overall, the Golden State had more than $152 billion in credit card debt during the second quarter. 

CREDIT CARD DEBT RISING IN DOUBLE-EDGED SWORD FOR THE ECONOMY

The average Texan household owed about $9,200 in credit card debt during the second quarter, while the total credit card debt in the state reached over $111 billion. 

Florida, New York and Illinois rounded out the five states with the largest credit card debts with totals of over $87 billion, over $79 billion and more than $46 billion, respectively. 

RELATED: Here's how much the average household owes in debts

Comparatively, Wyoming, Vermont and North Dakota residents held the smallest card debt totals at about $2.09 billion, $2.2 billion and $2.5 billion, respectively.

Here are the top ten states with the highest total credit card debt during the second quarter: 

  1. California: $152,707,028,131
  2. Texas: $111,299,095,554
  3. Florida: $87,100,047,481
  4. New York: $79,608,721,593
  5. Illinois: $46,785,492,452
  6. Pennsylvania: $45,638,259,152
  7. Georgia: $41,132,589,305
  8. Ohio: $38,478,365,000
  9. New Jersey: $37,935,342,142
  10. North Carolina: $36,505,559,579

Find more updates on this story at FOXBusiness.com.