MIAMI—With U.S. credit card debt reaching $1.36 trillion and expected to grow by another $100 billion this year, a new report from WalletHub reveals the Cities With the Highest & Lowest Credit Card Debts.
Cities in California are leading the way in racking up card debt.
WalletHub analyzed data from over 180 of the largest U.S. cities using the most recent consumer finance figures from TransUnion and the Federal Reserve, all adjusted for inflation. Below are some key highlights from the report.
“Americans owe $1.36 trillion in credit card debt, which comes out to roughly $10,800 per household, and U.SS. consumers are expected to increase the total by another $100 billion this year, too, which is an indicator of how out-of-control spending has become,” WalletHub said.
Cities With the Highest Credit Card Debts Per Household
- Santa Clarita, Calif. ($21,625)
- Chula Vista, Calif. ($20,837)
- New York ($19,540)
- Rancho Cucamonga, Calif. ($19,515)
- Fontana, Calif. ($19,325)
Santa Clarita is the city with the highest average household credit card debt, at $21,625. That adds up to a total of over $1.6 billion for all of the city’s residents collectively.
“Some of the cities where households owe the most credit card debt, like Santa Clarita and Chula Vista, Calif., have high median incomes, high debt payoff rates and low delinquency rates; this indicates that residents may simply have high credit card limits and can afford to borrow more,” explained WalletHub editor John Kiernan, WalletHub. “Other cities, like New York, have high average credit card debts driven more by financial struggles, which we can see in the number of people who are in financial distress or who are delinquent on their debt.