Early 2022 sees the typical American carrying $5010 in credit card debt, according to TransUnion®. With a startling sum near enough to their record of 7758 dollars, Alaskans have the greatest balance per person!
During the COVID-19 epidemic in 2020, Americans started using credit cards. With many companies going down and individuals yearning for kind of financial assistance, the U S Bureau of Labor Statistics announced that unemployment peaked at over 14%—the only time it has ever been higher.
Experian® estimates that the average American credit card debt in 2020 was $5,315; at the beginning of 2022, it had dropped about 6%. For those who are eagerly awaiting their economic future with hope, this is fantastic news as it suggests that, after what appeared to be an unceasing recession, everything may be on track once again!
Not only younger generations are having difficulty paying off their debt, but the average credit card debt in America has reached unprecedented heights. And what are your options? See our latest data on state-by-state averages for this issue as well as demographics such as age or income levels of residents within each area! You'll also learn about how these numbers may affect your future financial stability - both now AND later down life’s road (longer term).
Top 10 states with the least credit card debt
The 2021s have been a tough time for states with high levels of debt. By 2022, many were struggling to keep up as their credit scores dropped and more people defaulted on loans or never paid off what they owed in the first place! The data shows Alabama had one of the biggest decreases at 2%.
The average credit card debt by the state has been calculated to be $7000, with some people in America carrying mortgage-sized payments. The highest levels are found mostly on the East Coast and around the Washington DC area where it's almost 40% higher than other places throughout the country!
| No | State | Average credit card debt |
| 1 | Mississippi | $5,041 |
| 2 | Kentucky | $5,234 |
| 3 | Wisconsin | $5,341 |
| 4 | Indiana | $5,353 |
| 5 | Arkansas | $5,377 |
| 6 | Alabama | $5,440 |
| 7 | Idaho | $5,455 |
| 8 | West Virginia | $5,464 |
| 9 | Iowa | $5,496 |
| 10 | Michigan | $5,547 |
How to get out of credit card debt?
The average credit card debt in the U.S., though going down, is still high for some people and can be an obstacle when trying to improve your score or get out of this financial hole that you're digging yourself into with too much spending on plastic!
If it sounds like something might apply here to you then We have three simple strategies:
1) pay off all balances every month;
2 )don't use up emergency funds just because there are bills due soon; and
3), possible to avoid opening new lines as they add more expenses without offering any added benefits (like higher rewards programs)?
Call on (888) 803-7889 to know more about your credit score now!