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September 13, 2019 Comments Off on California Posts Country’s Biggest Q2 Credit Card Debt Increase Views: 847 California News, Top California

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

Read more at WalletHub Credit Card Debt Study


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