Texas Among Top 10 States with Highest Credit Card Debt
We Texans have been racking up the credit card debt here lately.
Of course, Americans in general are known for breaking out the plastic when we need or merely want something but don’t have the cash. However, 2020 is much different for obvious reasons.
The coronavirus pandemic has stretched many a bank account thin, causing many people to resort to using their credit cards for necessities.
According to the financial website WalletHub, Americans owed over $1 trillion in card debt at the beginning of 2020. Their latest projection has credit card debt increasing by a whopping $80 billion this year in the United States.
The site recently used TransUnion credit data to determine which states have the highest and lowest credit card debt and Texas came in at Number 10 among states with the highest debt. The results are based upon the cost and time required to pay off the median card balances in all 50 states and the District of Columbia.
Here are the Top 10 states with the highest credit card debt:
- District of Columbia
Get the full results and methodology of the study as well as commentary from WalletHub’s panel of experts at this location.