The personal-finance website WalletHub today released its latest rankings of the States With the Largest & Smallest Credit Card Debt Increases, based on newly released data from the Federal Reserve.
| Largest Increase | Smallest Increase | |
| 1. California | 41. New Hampshire | |
| 2. Texas | 42. Maine | |
| 3. Florida | 43. Rhode Island | |
| 4. New York | 44. Delaware | |
| 5. Illinois | 45. Montana | |
| 6. Pennsylvania | 46. Alaska | |
| 7. Georgia | 47. South Dakota | |
| 8. Ohio | 48. North Dakota | |
| 9. New Jersey | 49. Vermont | |
| 10. North Carolina | 50. Wyoming |
Key Stats
- Q2 Results: At $36 billion, the increase in credit card debt during Q2 2024 was around 17% smaller than the increase in Q2 2023.
- Debt Is Far Below the Peak: Total credit card debt is roughly $1.28 trillion after the Q2 increase, which is around 13% below the inflation-adjusted peak from December 2008.
- Household Debt Shows Breathing Room: The average household credit card balance as of Q2 2024 is around $10,680 after adjusting for inflation. That’s $1,991 below the peak from Q4 2007.
- Interest Rates Remain High for Now: The average credit card interest rate is 22.76%, which is just shy of a record high.
- Early Q3 Results: Preliminary data for July shows a new record high for the month in absolute terms, but when you adjust for inflation, there was a 4% increase in credit card debt compared to the same month last year (and no new record).
- Best Balance Transfer Credit Cards: The best balance transfer credit cards currently offer 0% APRs for up to 21 months with no annual fee and low balance transfer fees.
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