Fresh analysis by WalletHub found that nationwide credit card debt swelled by $43 billion in the second quarter of the year - the second largest increase on record
Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- Average American household now has $10,170 credit card debt – here are the states where balances are highest
- American households now have an average of $10,170 credit card debt, as record numbers say they are worried about being cut off from access to loans.
- Data from the New York Federal Reserve shows nationwide credit card debt swelled by $43 billion in the second quarter of the year – the second largest increase on record.
- Meanwhile a separate survey by the Fed revealed 60 percent of respondents found it more difficult to access credit – the highest level since the data series began in June 2013.
- But some states are faring much worse than others as households in Hawaii have the highest debt currently, according to fresh analysis by WalletHub. Families in the Aloha state have $10,637 in credit card loans on average.
- It was followed by Alaska, California and New Jersey where average debts were $10,142, $9,796 and $9,468 respectively.
- By contrast, Wisconsin has the lowest debts of any state, with the average household owing $6,208 on their cards.
- The interest charged by credit card companies is loosely guided by the Federal Reserve’s benchmark rate which last month soared to a 22-year high.
- It has fueled calls to curb interest on such loans. Yesterday Missouri Republican Sen. Josh Hawley urged the Government to install an 18 percent cap on credit card rates as he hit out at providers.
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