Which States Have the Most Credit Card Debt?
If we asked you to guess which states have the highest credit card debt, which ones do you think would be at the top of the list? After some research, New Era Debt Solutions found the top ten states that hold the most credit card debt. This week, we reveal the numbers and how you can achieve financial stability even if you live in one of these states.
Understanding the Statistics
New Era came across an article on the Personal Finance Syndication Network where the top ten states with the most credit card debt were revealed. According to their list, California is at the top with $106.8 billion average debt. Texas followed at $67.3 billion, Florida with $59.2 billion, and New York averaged $58.1 billion, demonstrating how consumers struggle with credit card debt. The results also show that coastal states are among the names that made it on the list. Take a look at the article to view all the states with top credit card debt.
Higher Populations
When the Personal Finance Syndication Network discusses the financial statistics, they call attention to population. They reveal, “The four states with the highest populations had the most overall credit card debt in 2017.” Because opening new credit cards accounts is as easy as using them, we can understand why the numbers are so high.
We also consider that keeping up with certain lifestyles in the coastal states can contribute to the hardships of debt. How can you successfully manage your finances when you are worried about competing with those who desire to live a lavish lifestyle? To some people, this may not matter, but for others, it can be difficult to overcome.
Moving Forward Financially
When you struggle with outstanding credit card debt in a place where higher debts are a part of the culture, then it can be tough to remain optimistic about financial stability. The best thing you can do for yourself and for your family is to develop a financial plan that will set you up for success. It is possible to achieve financial freedom even if you live in a state where the debt average is high and there are more expensive lifestyle trends.
To make financial progress, you must separate yourself from the mindset of continually using credit cards to make purchases when you do not have the funds available for them. One of the easiest ways to spiral into large amounts of debt is through high interest rates. When you charge the majority of your purchases on credit cards and begin missing payments, it can become difficult to manage personal finances. Remember to always pay your credit cards on time and try to avoid using them frequently.
Are you struggling with debt? New Era Debt Solutions is here to help. Contact one of our friendly counselors to learn more about the debt relief option that fits with your needs and budget. We have settled over $200,000,000 in debt and want you to be our next success story.