Fri. Jun 21st, 2024

NEW MEXICO CREDIT CARD DEBT IN UNITED STATES IN SEEN AS AVERAGE

CLOVIS (KSMX)- Americans now hold $1 trillion in credit card debt. This hefty balance is the highest credit card debt the country has held since the great depression, according to the Federal Reserve. While that’s a staggering amount of debt, it does not apply to all Americans. However, when you start looking at credit card debt by state, it tells a more relatable story.

By compiling data from a variety of sources including the U.S. Census Bureau, the Federal Reserve, and CNBC, the study was able to look at how much credit card debt consumers in each state have and examine how much interest racks up when only the minimum balance is paid. (Source: https://www.chamberofcommerce.org/credit-card-debt-by-state).

New Mexico is seen in the middle of the highest to lowest debt with an average of $8,323.

The following are the three states with the highest credit card debt, followed bythe three with the lowest.

Highest Average Credit Card Debt

Alaska: $10,685

Virginia: $9,120

Texas: $9,100

Lowest Average Credit Card Debt

Iowa: $6,726

Wisconsin: $6,737

North Dakota: $7,068

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