The personal-finance website WalletHub today released its latest rankings of the States With the Largest & Smallest Credit Card Debt Increases, based on newly released data from TransUnion and the Federal Reserve, adjusted for inflation.
New York Stats
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Increase in New York Debt: The average credit card debt in New York increased by $2,749,131,344 in Q2 2024.
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Average New York Household Debt: The average household in New York owes $8,780 in credit card debt.
- New York Rank: New York’s credit card debt increase ranks as the 4th highest in the nation.
National Stats
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Q2 Results: At $36 billion, the increase in credit card debt during Q2 2024 was around 17% smaller than the increase in Q2 2023.
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Debt Is Far Below the Peak: Total credit card debt is roughly $1.28 trillion after the Q2 increase, which is around 13% below the inflation-adjusted peak from December 2008.
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Household Debt Shows Breathing Room: The average household credit card balance as of Q2 2024 is around $10,680 after adjusting for inflation. That’s $1,991 below the peak from Q4 2007.
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Interest Rates Remain High for Now: The average credit card interest rate is 22.76%, which is just shy of a record high.
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Early Q3 Results: Preliminary data for July shows a new record high for the month in absolute terms, but when you adjust for inflation, there was a 4% increase in credit card debt compared to the same month last year (and no new record).
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