Massachusetts In Top 20 Nationwide High In Debt
Here's a frightening statistic, friends and neighbors. We Americans have collectively amassed over $1.1 TRILLION in credit card debt in 2023. And as horrifying as that sounds, it's also somewhat reassuring to know that I'm not the only person who has to rely on those little plastic cards more often than not.
The personal finance professionals at WalletHub recently released their report on 2023's States with the Highest and Lowest Credit Card Debts. The WalletHub team utilized data from many different sources including the U.S. Census Bureau and the Federal Reserve plus their own credit card payoff calculator to determine the cost and time required to repay the median credit card balance in every state plus the District of Columbia to come up with the results.
The end result has the Bay State not looking too good in terms of high credit card debt. Oh sure, a number of states did rank higher but we still made the top 15. So, here we go. According to WalletHub's report, here are 2023's Top 15 States with the Highest Credit Card Debt:
- District of Columbia
- New Hampshire
- New Mexico
Now let's take a look at the states that, for whatever reason, have the lowest credit card debt according to WalletHub's report:
- West Virginia
Take a look at the full report at WalletHub's website here. Trust me, it makes for very interesting reading. Thanks, WalletHub, for providing another great study and some constructive food for thought.