Which cities have the most credit card debt?

Share
More
Which cities have the most credit card debt?

The Federal Reserve recently reported that credit card debt, or revolving debt, accounted for $1.02 trillion in November 2017. That is the highest level on record, without adjusting for inflation, dating back to December 2008. The Fed also reported that consumer borrowing grew 8.8%, the biggest gain in more than two years, as Americans charged close to $28 billion in credit card, student, auto and other debt.

Credit card debt alone jumped $11.2 billion, the most in a year, bringing the total outstanding consumer debt total to $3.83 trillion.

Spending continued through the holidays, as U.S. retailers saw holiday sales increase 4.9% in 2017 versus 2016, marking the biggest annual gain since 2011, according to Mastercard SpendingPulse data.

In a November survey of 1,000 adults conducted by Experian, consumers said they planned on spending an average of $740 to pay for holiday gift giving, up slightly from $734 in 2016. Another facilitator of this growth spurt came from online holiday spending, which increased 18.1% this year, according to the Mastercard data.

States with the most credit card debt in 2017

Alaska had the largest average credit card balance in 2017 among all states of $8,515, based on the 2017 Experian State of Credit data. Connecticut ranked second with an average credit card balance of $7,258, followed by Virginia with an average credit card balance of $7,161. New Jersey ranked fourth with an average credit card balance of $7,151 with Maryland rounding out the top five with a balance of $7,043.

States with the largest credit card balance increase

Alaska also ranked first in the largest year-over-year increase toward the average credit card balances growing by $402. North Dakota ranked second with a $364 increase to its average credit card balance, followed Hawaii with a $308 increase. Texas was fourth with $278 added and Wyoming ranked fifth, adding $231.

Cities with the most credit card debt in 2017

When it comes to the cities with the most credit card debt, Alaska is also home to the top three cities — Fairbanks, Anchorage and Juneau. Texas has five of the top ten cities—Austin, Dallas/Fort Worth, Houston and San Antonio — with Washington, D.C., and Norfolk, VA coming in at fourth and fifth, respectively.

1. Fairbanks, AK

Average credit card balance: $8,573

2. Anchorage, AK

Average credit card balance: $8,562

3. Juneau, AK

Average credit card balance: $8,277

4. Washington, D.C. (Hagerstown, MD)

Average credit card balance: $7,442

5. Norfolk-Portsmouth-Newport News, VA

Average credit card balance: $7,359

6. Austin, TX

Average credit card balance: $7,292

7. Dallas-Fort Worth, TX

Average credit card balance: $7,171

8. New York

Average credit card balance: $7,145

9. Houston

Average credit card balance: $7,121

10. San Antonio

Average credit card balance: $7,070

Experian ranked more than 200 cities — if yours didn't make the top 10, you can find out how it ranked by visiting the full list on their site.

This article originally appeared on Experian.

Image: jacoblund