Amid high inflation, the average household credit card debt of Alabamians rose about 7% in the second quarter of 2022.
According to a report published by WalletHub As of last week, Alabama’s average household credit card debt was $7,791 in the second quarter of 2022, an increase from the previous quarter of $532.
Alabama households paid a a significant portion of total credit card debt in 2020, but Alabama and many other states are “back to bad credit card debt habits,” according to the report.
“After a record reduction in 2020, consumers added a total of $86.2 billion in new credit card debt to their tab in 2021, capped by an increase of $73.1 billion in the fourth quarter alone. quarter,” the report said. “Now consumers have started 2022 paying off just $12.5 billion in Q1 and adding a staggering $67.1 billion in new debt in Q2 – a second quarter record.”
The average credit card balance for a US household is $8,942, according to WalletHub. In a separate survey last week, WalletHub found that about 85% of Americans are concerned about inflation right now.
Alabama was the only southeastern state to offer its citizens no widespread and significant sales or income tax relief in 2021 or 2022.
According to Tax foundationall states in the southeastern United States except Alabama have implemented or enacted some type of sales or personal income tax relief/ companies over the past two calendar years.
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