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California Posts Country’s Biggest Q2 Credit Card Debt Increase
U.S. consumers racked up $35.6 billion in credit card debt during Q2 2019, an all-time record for the second quarter of the year. Research by WalletHub shows California is responsible for roughly $4.4 billion of that increase, and accounts for the biggest Q2 credit card debt increase.
The average household in California owes $10,175 in credit card debt, following a $341 Q2 increase. Texas households owed the second most credit card debt at $10,055, followed by Florida ($9,278) and New York ($9,515).
WalletHub notes credit card debt statistics speak to the financial health of American households. They can also foreshadow over-borrowing bubbles, changes to lending standards, and other trends with the potential to impact consumers’ wallets.
The study found Americans began 2019 owing more than $1 trillion in credit card debt. Although the forecast initially appeared brighter, thanks to consumers repaying $38.2 billion in credit card debt during Q1 2019, the poor second-quarter results nearly erased those gains.
2019 Credit Card Debt Increase by State
|
Rank |
State |
Total Credit Card Debt Q2 |
Total Credit Card Increase |
Household Credit Card Debt |
Increase Q2 |
|
1 |
California |
$124,949,482,369 |
$4,397,326,118 |
$10,175 |
$341 |
|
2 |
Texas |
$90,352,243,405 |
$3,179,751,306 |
$10,055 |
$337 |
|
3 |
Florida |
$66,399,677,743 |
$2,336,792,691 |
$9,278 |
$311 |
|
4 |
New York |
$66,208,879,303 |
$2,330,077,954 |
$9,515 |
$319 |
|
5 |
Illinois |
$41,623,292,294 |
$1,464,841,525 |
$9,066 |
$304 |
|
6 |
Pennsylvania |
$39,037,363,299 |
$1,373,835,361 |
$8,182 |
$274 |
|
7 |
Georgia |
$33,762,382,790 |
$1,188,193,859 |
$9,673 |
$324 |
|
8 |
Ohio |
$33,322,855,881 |
$1,172,725,662 |
$7,548 |
$253 |
|
9 |
North Carolina |
$31,458,576,759 |
$1,107,116,401 |
$8,522 |
$286 |
|
10 |
Virginia |
$31,011,697,130 |
$1,091,389,441 |
$10,480 |
$351 |
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