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Kansas among half of states with lowest credit card debt

TOPEKA, Kan. (WIBW) – Kansas ranked in the half of the states with the least credit card debt, racking up a total of $9.3 billion.

With inflation putting pressure on budgets across the country and raising concerns of a prolonged recession, WalletHub.com the personal finance website, consumers are once again adding new credit card debt by the billions. The Credit Card Debt Study released on Monday, September 12, indicates that $67.1 billion in debt was accumulated in the second quarter.

WalletHub said the figure is an all-time high for credit card debt added in the second quarter of a year, and now it predicts consumers will add a total of $110 billion in debt by the end. of the year.

The personal finance website noted that the increase in debt in the second quarter of 2022 was about 3.5 times greater than the post-Great Recession average for the second quarter of a year. He said outstanding credit card debt also rose about 6% in the quarter and since the end of the Great Recession, consumer performance had declined year-over-year. in 6 quarters out of 10.

WalletHub also said that at 1.97% for the quarter, the credit card charge rate was 8.24% higher than the previous quarter.

Nationally, the report says the average household credit card balance is $8,942, $2,995 below the predicted breaking point for household finances.

However, the rise in debt is not uniform across the country, as some regions have bigger payment problems than others. With that in mind, WalletHub said it compared all 50 states based on how much residents owe businesses — specifically, how those balances changed in the second quarter.

Keeping in mind that the lower the ranking, the lower the debt, Kansas ranked 31st in the nation with household credit card debt of $7,553, an increase in household credit card debt of household credit of $516, total credit card debt of $9.3 billion, and total credit. increase in card debt of $589 million.

The report says the only border state with less debt than the Sunflower State is Nebraska, which ranks 38th with household credit card debt of $6,956, an increase in household credit card debt households of $475, total credit card debt of $5.7 billion, and total increase in credit card debt of $364.1 million.

Oklahoma still ranks in the lower half of the least indebted states with an overall ranking of 27, household credit card debt of $8,136, an increase in household credit card debt of $556, a total credit card debt of $13.1 billion and total credit. increase in card debt of $829.8 million.

On the other side of the spectrum, Missouri ranked 20th overall with household credit card debt of $7,402, increase in household credit card debt of $505, total debt credit card debt of $19.5 billion and a total increase in credit card debt of $1.2 billion.

Finally, Colorado ranked 18th overall with household credit card debt of $8,906, increased household credit card debt of $608, total credit card debt of 20 $.6 billion and an increase in total credit card debt of $1.3 billion.

The study found that the states with the most credit card debt are:

  1. California – $120.8 billion owed
  2. Texas – $93.2 billion owed
  3. Florida – $73.1 billion owed
  4. New York – $66 billion due
  5. Illinois – $41.6 billion owed

The study found that the states with the least credit card debt are:

  1. Vermont – $2 billion due
  2. Wyoming – $2 billion due
  3. North Dakota – $2.4 billion owed
  4. South Dakota – $2.6 billion owed
  5. Alaska – $3.1 billion owed

For more information or to see where the other states are located, click HERE.