Credit Card Debt Rising in US Households
Credit card debt has been climbing steadily in households throughout the United States over the past two years, according to the latest scorecard from the Corporation for Enterprise Development (CFED).
The median amount of revolving debt nationally, including credit card debt, jumped 64 percent between 2006 and 2008 to $2,960 from $1,805.
It was highest in the last frontier, with the average Alaskan household riddled with $4,755 in credit card debt, followed by Nevada ($3,637) and Arizona ($3,515).
Iowa led the nation with the lowest median credit card debt at $2,106, followed by Mississippi ($2,240) and North Dakota ($2,275).
The only saving grace to Alaska’s huge credit card debt load is the fact that it has slowed relative to other states over the past couple years, rising just 31.6 percent between 2006 and 2008.
Median credit card debt rose 41.1 percent in New Hampshire and 42.2 percent in Connecticut during that time, the second and third best performers in that category.
Conversely, Idaho has seen credit card debt rise 96.3 percent between 2006 and 2008, from $1,603 to $3,146.
Mississippi has also seen credit card debt jump 91 percent, followed closely by West Virginia (90.8 percent).
Check out how your state is doing in terms of credit card debt; if you’ve got credit card debt, you may be wondering which credit card to pay off first.
(photo: trodel)
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Posted Under: Credit News