The states with the highest credit card debt revealed
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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.
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
By contrast, Wisconsin has the lowest debts of any state, with the average household owing $6,208 on their cards.
But the data also shows debts are rising quickest in California where residents added over $5 billion to their arrears in the second quarter of the year. Each household added around $409 individually.
It was followed by California, Texas and New York where households all gained an extra $375 to their credit card debts in the second quarter of the year.
Wyoming and Vermont saw the smallest increase to their credit card debts.
Fears have been mounting over America’s growing debt after Fed data showed it had reached $1 trillion for the first time in history.
And the issue is compounded by the fact that credit card interest rates are now at an eye-watering 28 percent.
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.
Sen. Josh Hawley has a new populist proposal that eschews the laissez-faire Republican economics of old: he wants to install an 18 percent cap on credit card interest rates
The Federal Reserve has raised interest rates by a quarter percentage point, taking benchmark borrowing costs to the highest level in more than two decades
Hawley told RealClearPolitics: ‘They’re out there actively encouraging and finding new ways to get consumers indebted — they hike rates, and they can make a killing on it.’
He added that setting caps would be a ‘fair’ and ‘common sense’ approach to giving the ‘working class a chance.’
American fears around access to credit are now at record-highs, according to the New York Fed’s Survey of Consumer Expectations released yesterday.
Nearly 60 percent of respondents indicated their ability to get loans, credit cards and mortgages is now harder than it was a year ago – the highest proportion since the survey began in June 2013.